Hyundai Motor India Ltd (HMIL) Tuesday announced a price hike in its vehicles across its entire product range from January 2020. The country's second-largest vehicle manufacturer has jacked up its vehicle prices to offset the impact of rising input and material costs.
"Hyundai Motor India Limited country's first smart mobility solutions provider today announced the price hike across models effective from January 2020. The increase has been necessitated on account of rise in input and material costs," HMIL said in a press release.
However, the company did not clarify on the quantum leap in the prices of its products as well as the time frame when the decision would be implemented.
Maruti Suzuki India Ltd was the first auto major to announce the price hike after which Hyundai followed suit. Other competitors such as Tata Motors Ltd and Mahindra and Mahindra are also expected to follow the lead.
Meanwhile, India's largest two-wheeler manufacturer Hero MotoCorp on Tuesday (yesterday) announced its decision to hike the prices of its vehicles by up to Rs 2,000 from January.
It is a common practice amongst vehicle manufacturers to hike prices (effective next calendar year) in January in a bid to draw customers in December and reduce inventory with dealers at the end of the calendar year.