Hyundai India hikes car prices by up to 2 percent

Thursday 08 December 2011, 12:10 PM by Vikas Yogi

Hyundai Motors India Limited (HMIL), the Indian unit of the South Korea based leading car maker Hyundai, has said that its cars will get expensive in the range of 1.5 to 2 percent from the starting of next month. The firm has blamed the high inflation and steep depreciation in the value of rupee for this hike. The announcement from Hyundai came in the aftermath of decision of a number of leading car makers in India including Toyota, GM and Ford to hike the price of their cars from January.

In a statement given to PTI on Wednesday, Mr. Arvind Saxena, HMIL director of marketing and sales, said, "The price increase will come into effect in January, 2012. We are in the process of working out the specific increase on the various models. Broadly, the increase will be 1.5 to 2 per cent across all models.”

In the month of November 2011, the company sold a total of 57,080 units of its cars in the Indian market, registering a sales surge of 28.15 percent.

Hyundai is currently the largest car exporter and second largest car maker in the Indian auto market. The company has a strong hold in the volume drive mass segment of cars. The India portfolio of the company includes a range of its cars including small cars like Hyundai EON, Santro Xing, compact hatchback Hyundai i10, premium hatchback Hyundai i20, midsize sedan Hyundai Verna, premium sedan Hyundai Sonata Transform and luxury compact sports utility vehicle Hyundai Santa Fe.