Rising input costs coupled with the ongoing COVID-19 pandemic are major reasons for several carmakers to announce price hikes from next month
Automakers Maruti Suzuki, Mahindra, MG, Kia and now Hyundai have all announced price hikes from 1st January 2021. This is a regular feature each year as higher input and material costs along with exchange rate fluctuations put pressure on automakers. This year however, the COVID-19 pandemic has added to automaker’s woes leading to increased costs which are now being passed on to customers.
Hyundai India Price Hike
Hyundai saw some big car launches during the year. These included the new gen models like i20 and Creta while the Verna and Tucson received mid life facelifts. Currently with an 11 car lineup in India, that include Santro, Grand i10, Grand i10 Nios, i20, Aura, Verna, Elantra, Venue, Creta, Tucson and Kona Electric, Hyundai India will hike prices of its cars from 1st Jan 2021.
The automaker has stated that this will be across range and will vary on car, variant and fuel type. The price hike will range from Rs.7,521 to Rs. 32,880.
The Hyundai i20 will have the least price hike by Rs.7,521. The Aura will get a price hike of Rs.11,745 while its CNG counterpart will carry a new price tag higher by Rs.17,988 as against its current pricing.
The Hyundai Grand i10 NIOS will also be priced higher by at Rs.8,652 and the CNG by Rs.14,556. Hyundai Santro pricing will be increased by Rs.9,112 and that of the Verna and Venue by Rs.32,880 and Rs.25,672 respectively. The price of the Creta will be increased by Rs.27,335. These prices will also be applicable on the 2020 models which remain unsold after 31st December 2020.
Hyundai India Upcoming Launches
Hyundai India, currently holding a second position in market share after Maruti Suzuki India Limited in terms of automobile sales in India, has plans of new launches in the months ahead.
The company is said to be working on two new cars out of which one will be a micro SUV, codenamed AX1. The other is a 7 seater version of the Creta, said to be called the Alcazer. Once launched, Hyundai AX1 will rival the Tata HBX, Maruti Suzuki Ignis and Mahindra KUV100 NXT. The Alcazer, being a more premium offering will take on the Tata Gravitas, MG Hector Plus and next-gen Mahindra XUV500.
There is also a full-size SUV being planned by Hyundai India called the Palisade. This launch has not yet been confirmed but take place later next year and will go on to become the company’s flagship model in the country. This full size SUV, once launched in the country will enter the crowded SUV segment that is currently dominated by the Toyota Fortuner, Ford Endeavour and MG Gloster.