Hyundai Motor India Ltd. (HMIL), has announced a price hike across its entire range of cars. Slated to come into effect starting January 2016, the Korean manufacturer’s cars will see an increase of up to Rs.30,000 over the December prices.

This move from Hyundai follows the hike recently announced by BMW and Mercedes-Benz that have raised the prices of all their vehicles for the new year by three and two per cent respectively.

Rakesh Srivastava, Senior Vice President – Sales and Marketing, HMIL, has stated challenging market conditions caused by increasing component costs along with the weakening rupee as reasons for the year-end announcement of the price hike.

Hyundai Motor India’s line-up of cars includes the Eon, i10, Grand i10, Elite i20, Active i20, Xcent, Verna,  Elantra Santa Fe and recently launched Creta SUV which retail via 423 dealerships across India. It also exports its cars to around 85 countries around the world including Africa, the Middle East, Latin America, Australia and Asia Pacific.