Hyundai Motor India to increase car prices from January 2023

Hyundai Motor India Ltd (HMIL) stated on Thursday that it will increase prices across its model range from January 2023. It said that the price hike is due to an increase in input cost. 

The company said that it continues to absorb rising costs but will pass on a part of the input cost to customers. “The company has continued to absorb rising cost, however will now pass on a part of the input cost increase through a revision in prices across its model range. HMIL will continue to make consistent internal efforts to minimize price impact to customers. New prices for HMIL model range come into effect from January, 2023,” it said in a statement. 

This price hike comes after other companies such as Maruti Suzuki, Tata Motors and Hero MotoCorp announced price hikes. Maruti Suzuki will increase prices across models from January 2023 because of cost pressures due to inflation and regulatory requirements, while Hero MotoCorp increased ex-showroom prices of its motorcycles and scooters from December 1. Tata Motors said on Tuesday that it will increase prices of commercial vehicles from January next year by 2 per cent due to increasing input costs. 

HMIL is a wholly-owned subsidiary of Hyundai Motor Company, and has 11 car models across segments including GRAND i10 NIOS, All New i20, i20 N Line, AURA, VENUE, VENUE N Line, Spirited New VERNA, All New CRETA, ALCAZAR, New TUCSON & KONA Electric. It has a state-of-the-art manufacturing plant near Chennai. 

Hyundai Motor India also exports to 85 countries across Africa, the Middle East, Latin America, Australia, and Asia Pacific. It has 581 dealers and over 1,458 service points across India.

Also read: Tata Motors to increase prices of commercial vehicles from January 2023

Also read: Maruti Suzuki plans to increase car prices from January 2023, cites inflation