Hyundai Motor India Ltd. (HMIL) announced a price rise across its models by up to Rs 20,000, effective August 16. The move comes days after India’s top carmaker Maruti Suzuki raised its vehicle-prices by up to Rs 20,000.
The Korean carmaker didn’t reveal the exact difference after price-hike, but we expect the entry-level hatch Eon to be costlier by Rs 3,000 and the SantaFe may cost up to Rs 20,000 more.
So the first trim of the Eon, which costs Rs 3.26 lakh now, may cost around Rs 3.29 lakh, while the premium from Hyundai’s portfolio, Santa Fe, may come at Rs 28.54 lakh, instead of the current Rs 28.34 lakh (all prices Ex-showroom Delhi).
The top selling Creta may also ask for Rs 16,000-20,000 more. The carmaker had last raised it s prices after the Union Budget 2016-17 in March.
On the price hike, Rakesh Srivastava, senior vice-president (sales and marketing) said, “The rupee depreciation and increase in raw materials cost have impacted our overall costs. We have been absorbing most of the costs but now we are compelled to consider the price increase. We will be increasing the prices from August 16, 2016 by Rs. 3,000 to Rs. 20,000 across models.”
India’s largest exporter and second largest car manufacturer, Hyundai sold 55,807 units in July -- 41,201 in domestic sales and 14,606 in exports – posting a good 10.7% rise in sales over July last year. Celebrating its first anniversary, the Korean carmaker’s compact SUV Creta is still selling strong.
On August 1, Maruti Suzuki hiked its car prices by up to Rs 20,000. The blockbuster compact SUV Vitara Brezza now costs Rs 20,000 more, while the premium hatchback, Baleno too asks for Rs 10,000 to be driven out of a Nexa showroom in Delhi.
From July, Hyundai also raised the production of the Creta at its Chennai plant by 25%, following which, Maruti Suzuki also raised production of the top rival in the segment, Vitara Brezza, by the same margin.