Hyundai Motor India on Tuesday raised vehicle prices by up to Rs 1.27 lakh to partially offset the impact of high input costs and expiry of reduced excise duty concessions.
"In these adverse market conditions, the price increase is necessitated on account of the higher excise duty and increased input cost," Hyundai Motor India Ltd (HMIL) Sr Vice President, Sales and Marketing, Rakesh Srivastava said in a statement.
The company has increased the prices across all models starting from Eon to Santa Fe in the range of Rs 15,000 to Rs 1,27,000 effective from January 1, 2015, he added.
The price of entry level small car Eon has been hiked by Rs 15,417. It was previously priced between Rs 2.88 lakh and Rs 4.03 lakh (all prices ex-showroom Delhi).
Another compact car i10 will be dearer by Rs 21,501. The model used to retail between Rs 3.99 and Rs 4.77 lakh. Similarly, the car maker has hiked the price of Grand i10 by up to Rs 22,508. It was earlier tagged between Rs 4.41 lakh and Rs 6.43 lakh. HMIL said prices of compact sedan Xcent have been hiked by up to Rs 25,597. Before the hike, the model was priced between Rs 4.73 lakh and Rs 7.47 lakh.
The company further said the price of its premium hatchback Elite i20 has been increased by up to Rs 29,814 from its price ranging between Rs 4.99 and Rs 7.66 lakh.
Mid-sized sedan Verna will cost Rs 23,965 more from the earlier price between Rs 7.39 lakh and Rs 11.72 lakh, the company said, adding executive sedan Elantra prices have also been been hiked by up to Rs 36,912.
The sedan was previously priced between Rs 12.92 and Rs 16.24 lakh. Similarly, HMIL said the petrol variant of its premium sedan Sonata has been increased by up to Rs 45,396 from the previous price that ranged between Rs 18.74 lakh and Rs 20.78 lakh. Hyundai has also hiked the price of its premium sports utility vehicle Santa Fe by up to Rs 1.27 lakh.
The vehicle was previously priced between Rs 25.60 lakh and Rs 28.41 lakh. Meanwhile, homegrown auto major Tata Motors said it would also be increasing prices of its products. We will pass on the increase in excise, and there would be a related price impact to the extent of the excise increase, a company spokesperson said.
GM India has also increased prices of its vehicles by up to Rs 61,000 across various models. Yesterday, Honda Cars India announced a price hike of upto Rs 60,000 across its product range. The price hike follows the government not extending excise duty concessions given to the auto industry after the expiry on December 31, 2014.