Rising fuel prices and an increase in duties on CKD components have begun taking a toll on car prices. Hyundai has announced an increase in prices across its product range by up to 2 per cent, citing similar reasons.
“We have been absorbing the increase in input costs with increase in commodity prices, freight rate increase with hike in fuel prices and also the increase in custom duties of certain components. We are now constrained to pass the same to customers in our products with increase up to two per cent from June 2018,” said Rakesh Srivastava, director - sales & marketing, Hyundai Motor India Ltd.
This price hike will, however, not include the new Creta facelift which was launched on May 21, 2018. The 2018 Creta’s pricing possibly incorporates the price revision since the Korean manufacturer skipped following the trend of introductory prices, like it did for the 2017 Verna. This isn’t the first time Hyundai has announced a price increase this year. In January this year, during a series of price revisions by automobile manufacturers, Hyundai had also increased prices across its product range by up to two per cent.
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