Hyundai Motor India to hike car prices by up to 3%

Hyundai Motor India, the country’s No.2 carmaker by market share, will increase prices by up to 3% from April due to higher raw material and operational costs, it said on Wednesday.

The price hike will vary depending on the model, the company said.

Earlier this week, Maruti Suzuki (MRTI.NS) and Tata Motors (TAMO.NS) also raised the prices of their cars, citing rising input and operational expenses.

This is Hyundai’s second price hike since its initial public offering (IPO) in October. It raised prices by up to 25,000 rupees ($289.62) across models in December.

Indian automakers are seeing higher costs due to rising commodity prices, elevated import duties on raw materials, and supply chain disruptions.

Hyundai Motor Company is a South Korean multinational automotive manufacturer headquartered in Seoul, South Korea. Founded in 1967, Hyundai has grown to become one of the world’s largest and most successful automobile manufacturers, known for its high-quality vehicles, innovative designs, and commitment to sustainability.

Hyundai’s journey in India began in 1996 when it established Hyundai Motor India Limited (HMIL), a wholly-owned subsidiary, in Chennai, Tamil Nadu. HMIL’s state-of-the-art manufacturing facility in Irungattukottai, near Chennai, has a production capacity of over 700,000 units per annum, making it one of the largest automobile manufacturing facilities in India.

Since its entry into the Indian market, Hyundai has become one of the country’s leading automobile manufacturers, offering a wide range of vehicles, including the popular Santro, i10, i20, and Creta models. With a strong dealership network and a commitment to customer satisfaction, Hyundai has established itself as a trusted brand in India, known for its quality, reliability, and innovative products.