Mumbai: Automaker Hyundai Motor India Ltd announced that it will hike the prices of its vehicles from next month. The automaker has yet not revealed the quantum of the proposed price increase to be effective from January 1, 2024. The company cited rising input cost, adverse exchange rate and increase in commodity prices as the reason for this price hike.
Earlier in August this year, the company hiked the prices of models such as Venue, Verna, and Tucson by up to Rs 48,000. Presently, Hyundai Motor holds the position of being the second-largest automaker in India. The Korean company reported sales of 65,801 units in November. The majority of these sales originated from its SUV lineup, encompassing popular models such as Creta, Venue, Exeter, and Tucson. The carmaker’s SUV range accounted for 68% of its total sales last month.
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Earlier Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Honda and Audi have also announced plans to increase vehicle prices in January.
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