Hyundai Motor India Limited (HMIL), a completely owned subsidiary of South Korean multinational auto major Hyundai Motor Co., has hiked the prices of its entire domestic fleet of passenger vehicles with immediate effect in the country. The company has increased the retail prices of its entire product line-up, from Eon entry-level compact to Santa Fe premium Sports Utility Vehicle (SUV) in the range of Rs. 4,201 to Rs. 20,878. The announcement came through a Hyundai press statement on February 1, 2013.
Informing about the latest price hike, Rakesh Srivastava, Vice President (VP), Sales and Marketing, Hyundai Motor India, said, “On account of rise in input cost and fluctuation in currency, the price hike has been necessitated. We have increased the prices in the range of Rs. 4,201 to Rs. 20,878 across all the models.”
HMIL has made the latest price increase, to offset the adverse impact of rising input costs and the uncertain fluctuation in currency. Further, the recent slowdown in sales and gloom in the Indian auto market might have influenced the South Korean auto major's decision. However, Srivastava was upbeat with domestic auto sector and said, “The market was subdued on account of macro-economic factors. For Hyundai, the year has started on a positive note with growth in its domestic and export sales... Marketing initiatives in rural markets are bringing volume growth.”
At present, Hyundai Motor India offers Eon, Santro, i10 and i20 hatchbacks in the A2 segment, Accent and Verna models in A3 segment and Elantra and Sonata sedans in the A4 segment of domestic car market. The company also has a premium SUV- Santa Fe in its Indian fleet. The prices of all the aforementioned models have been increased with immediate effect.
