Mumbai: Hyundai Motor is planning to hike the prices of its cars and SUVs. As per reports, the Korean automotive company will increase the prices from January next year. Hyundai has not disclosed the precise date of the price revision or the extent of the hike for its models. Hyundai Motor cited growing expenses associated with component prices, inflation, and various other factors for this hike.
Earlier in August this year, the brand had hiked the prices of models such as Venue, Verna, and Tucson by up to Rs 48,000. Presently, Hyundai Motor holds the position of being the second-largest automaker in India. The Korean company reported sales of 65,801 units in November. The majority of these sales originated from its SUV lineup, encompassing popular models such as Creta, Venue, Exeter, and Tucson. The carmaker’s SUV range accounted for 68 percent of its total sales last month.
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Maruti Suzuki, Tata Motors, Mahindra and Mahindra, and Honda Cars had already announced their plans to raise prices for their models starting from January 2024.
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