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Hyundai Motor announces price hike by up to Rs. 20000 starting August 16

After Maruti Suzuki announced price hikes earlier this week, Hyundai has followed suit. The Korean automobile giant has officially announced that all its models offered in the country will see a price rise starting August 2016. All of their cars ranging from the entry-level Eon to their top-of-the-line flagship will get costlier by Rs 3,000 to Rs. 20,000.

“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,” said Rakesh Srivastava, Sr. Vice President, Sales and Marketing, HMIL.

According to Hyundai, increasing costs and currency devaluation has led to this price hike. Many companies are now resorting to price increase in order to compensate for ever rising manufacturing costs and currency fluctuations.

The revised rates will be applicable on Hyundai models starting August 16, 2016. Hyundai’s entry-level offerings which include hatchbacks such as Eon and i10 will see a price hike in the range of Rs. 3,000, while the company’s flagship offering in the country, the Santa Fe, will get costlier by Rs. 20,000.

The Korean automobile giant is the country’s second largest manufacturer of cars and will further expand its base in the premium segment. The company is all set to launch its next-generation Elantra sedan next month, followed by an automatic variant of the popular i20 hatchback along with the new generation Tucson SUV.

The company has also introduced three new variants of its Creta SUV in India. The new trims of the popular compact SUV released include the special 1st Anniversary edition Creta (SE), presented last month to Indian badminton sensation Sania Nehwal. The other two introduced are Executive variant (E+) and S+ (Diesel) Automatic variant. The company has also launched a new Earth Brown color option that will be available across all Creta variants.

The Korean automaker’s biggest launches in the past three years include the  Grand i10, the Elite i20 along with the Creta – each winning the car of the year awards. While its i20 hatch crossed the 1 million sales mark globally.

Since its launch in 2008, the Hyundai i20 has bagged over 34 awards, which also includes the second generation i20 and i20 Active. Launched in India back in August 2014, the second generation Hyundai i20 has been among the top selling models from the Korean manufacturer.

Hyundai also hit a new milestone recently exporting a whopping 2 million cars from its production facility in Chennai.