Commenting on the price hike, Rakesh Srivastava, Senior Vice President, Sales and Marketing, Hyundai India said, "The rupee depreciation and increase in raw materials cost have impacted our overall costs. We have been absorbing most of the costs but now we are compelled to consider the price increase. We will be increasing the prices from August 16, 2016 by Rs. 3,000 to Rs. 20,000 across models."
Hyundai India's extensive range of vehicles currently start at Rs. 3.25 lakh for the Eon, while the top-end Santa Fe is priced at Rs. 31.75 lakh (all prices, ex-showroom Delhi). The price hike was expected from the company and is done to offset the rising production costs. Apart from Hyundai, Maruti Suzuki too announced a price hike across its complete model range earlier this month increasing prices by Rs. 20,000.
Talking Hyundai's future plans for the year, the Korean car maker is the country's second largest producer of vehicles and will be expanding its base in the premium segments with the launch of the new generation Elantra that is set to go on sale next month, which will be followed by the next generation Tucson SUV. As for volumes, the company is running at full capacity at the Chennai facility catering to strong domestic and export demands courtesy of popular products like the Creta, i20 and Grand i10. More recently, Hyundai also hit a new milestone of exporting 2 million cars from the Chennai facility.
