Hyundai Motor India Ltd. (HMIL) has announced that it will hike the prices of its models by up to INR 30,000, effective from August 1. The hike will not affect Hyundai Creta which was launched earlier this week with a price range of INR 8.59 – INR 13.60 lakhs (ex-showroom, New Delhi).
Further details on pricing of individual models are expected to be available on August 1. Hyundai’s product portfolio which starts with Eon and goes all the way up to Santa Fe currently has a price range of INR 3.08 lakhs to INR 30.21 lakhs (ex-showroom, New Delhi).
Rakesh Srivastava, Sr. Vice President – sales and marketing, Hyundai Motor India, said that the company has been absorbing most of the costs but the challenging market conditions have forced a price hike now.
The South Korean marque is the second largest automaker in India with a market share of around 17%. A hike by Hyundai could be followed by similar move from competitors as well.
Moving forward, Hyundai India is focusing on bring a Maruti Ertiga-rivaling MPV codenamed IP sometime next year. Hyundai MPV in question is reported to be based on a cost-effective version of Creta’s platform. There are also talks about a possible sub-4 m crossover.