Hyundai Motor India Limited (HMIL), the country's second largest passenger car maker, has declared to hike retail prices of its entire domestic fleet by up to Rs. 20,000, with effect from February 1, 2013. The announcement comes just a day after Hyundai's stiffest competitor in the Indian auto market, Maruti Suzuki India Limited (MSIL) made public a similar decision of increasing prices across all its models on January 15, 2013. However, unlike the South Korean auto major, Maruti Suzuki has ensued its price hike with immediate effect from January 16th, 2013.
Commenting on the announced upcoming price increase across its models, Rakesh Srivastava, Vice President (VP), Sales and Marketing, HMIL, was quoted as saying, “On account of rise in input cost and fluctuation in currency, we will increase the prices up to Rs. 20,000 by February 1, 2013 across all the models starting from Eon to Santa Fe.”
At present, Hyundai Motor India retails a range of products across the most popular vehicle segments of the domestic passenger car market. The company's entry level Eon hatchback is its most basic offering and is available in the market with a price tag between Rs. 2.7 lakhs and Rs. 3.8 lakhs (ex-showroom, New Delhi). Further, Hyundai's most expensive vehicle offered to domestic consumers is the Santa Fe premium Sports Utility Vehicle (SUV), which carries a retail price tag of around Rs. 22.6 lakhs to Rs. 25.6 lakhs in the country.
