After Tata Motors announced a price hike across its complete line-up just last week, it is now Hyundai India that has proposed a price hike up to a whopping ₹ 1 lakh. The Korean carmaker had said the price hike affects all models in the company's line-up starting from the entry-level Eon hatchback, up to the flagship Santa Fe SUV. The price hike also affects the recently launched Tucson SUV.
Hyundai India has cited increased input costs, fluctuating exchange rates and increasing marketing expenses as the reason for the hike in prices. The price hike will come into effect from January 2017, stated the company. At present, Hyundai'
Commenting on the price hike, Hyundai India, Senior Vice President, Sales and Marketing, Rakesh Srivastava said, "In these challenging year end market conditions, we are constrained to consider price increase on account of factors like increased input costs, fluctuating exchange rates and increasing marketing expenses. The proposed price increase will be up to ₹ 1,00,000 and will be effective from January 2017 across all models from Eon to Santa Fe."
It isn't unusual for carmakers to announce price hikes around the new year. The move can also been seen as a measure to improve sales in the month of December, which is otherwise slow, given the fact most customers choose to wait it out and invest in a new year model.
Earlier in the day, Nissan India too announced a price hike across its model range by up to ₹ 30,000 starting from January 2017, in a bid to offset increased production costs. Toyota India has also announced an increase in prices across its model range by up to 3 per cent starting next month.