Automaker Hyundai Motor India Ltd on Thursday said it will hike the prices of its vehicles from next month citing rising input cost, adverse exchange rate and increase in commodity prices.
The company, which sells a range of vehicles starting from Grand i10 Nios to electric SUV IONIQ5, priced between ₹5.84 lakh to ₹45.95 lakh, however, did not specify the quantum of the proposed price increase to be effective from January 1, 2024.
The price increase is owing to rising input cost, adverse exchange rate and increase in commodity prices, amongst other reasons, Hyundai Motor India Ltd (HMIL), said in a statement.
HMIL COO Tarun Garg said the company always tries to absorb the cost escalations to the extent possible and ensure customers are not burdened.
"However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase," he added.
HMIL said it will continue to make consistent internal efforts to minimize future price impact to customers.
The company joins the likes of Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Honda and Audi among others which have also announced plans to increase vehicle prices in January.