Hyundai today announced that it will hike prices across all cars by up to Rs 1 lakh depending on the model, from January. The automaker cited increasing input costs, fluctuating exchange rates and increasing operating expenses as being the primary reason for hiking prices across its line-up.
“In these challenging year-end market conditions, we are constrained to consider a price increase of up to Rs 1 lakh across all models, from Eon to Santa Fe,” said Rakesh Srivastava, senior vice president, sales and marketing, Hyundai Motor India.
Hyundai follows in the footsteps of automakers such as Tata, Nissan, Toyota and Renault that are also raising prices across their range from the start of the next year. Tata is set to increase prices by as much as Rs 25,000, while Toyota and Renault have both set to hike in prices by up to 3 percent across its model line-up.
For November, Hyundai saw domestic sales drop by 8 percent year on year with the automaker posting sales of 40,016 units as against 43,651 units for the same month last year. While the carmaker did not divulge the reason for the decline, the auto industry has witnessed a slack in November sales due to a fall in demand due to demonitisation of Rs 500 and Rs 1,000 currency notes.