Hyundai India Announces Price Hike; Creta Remains Unaffected
July 27, 2015: Hyundai India has announced a hike of Rs. 30,000 in the prices of its cars that will come into effect on August 1, 2015. This increase will be applicable for all the models of Hyundai across the country except the newly launched SUV Creta. Hyundai has launched Creta on July 21 at a starting price of Rs. 8.50 lakh.
This hike is a result of the increasing cost of the input material and parts. Mr Rakesh Srivastava, Senior Vice President - Sales and Marketing, Hyundai Motor India Ltd., said, "The price increase has been necessitated by the increase of input costs. We have been absorbing most of the costs, but now we are constrained to consider the price increase in these challenging market environment."
In India, different carmakers are offering discounts on the cars to boost the sale numbers. So, this increase will be a challenge for the carmakers as they aim to capture the market. Hyundai’s price hike may boost other carmakers to do the same.
Hyundai is planning to launch 10 new models in India by the end of 2016. The company will take part in every segment by rolling out these products.