Hyundai Motor India will raise prices of its entire product portfolio in the range of Rs 5,000 to Rs 25,000 from next month, in order to partially offset rising input costs, the company said on Monday.
Hyundai, which is the second largest car maker in the country, currently sells ten models across the Indian market.
"In these adverse market conditions, the price increase is necessitated on account of increase in input costs, high cost of imports due to higher rupee depreciation and high cost of sales", Hyundai Motor India Senior Vice President, Sales and Marketing, Rakesh Srivastava said in a statement.
"The company has been absorbing most of the costs but is now constrained to consider price increase across all models in the range of Rs 5,000 to Rs 25,000 which will be effective from January 2015", he added.
The company's entry level compact car Eon is priced between Rs 2.87 lakh and Rs 3.89 lakh while its costliest model sports utility vehicle Santa Fe is priced between Rs 25.60 lakh and Rs 28.41 lakh (all prices ex-showroom Delhi).
The company's other models include Santro, i10, Grand i10, i20, Xcent, Verna, Elantra and Sonata.
Last week German luxury car maker BMW had announced its decision to raise product prices in India by up to 5 per cent with effect from first week of January.
General Motors India had also announced the decision to hike prices of its entire product portfolio by up to Rs 20,000 from January in order to partially offset rising input costs.