Like other car manufacturers, the country's second largest carmaker Hyundai has also announced to increase prices of its entire line-up. The price hike will come in to effect from January 2014 and will vary from Rs. 5,000 to Rs. 20,000, based on the model. The company stated that continuous increase in input costs due to Rupee depreciation has led them to take such a decision.
Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “In these adverse market conditions there is continuous increase in input costs on account of rupee depreciation and inflationary trends, this has made the price increase inevitable. We have been absorbing most of the costs but now we are compelled to consider the price increase. The quantum of price increase will vary from Rs. 5,000/- to Rs. 20,000/- across all our models.”