The Indian subsidiary of Hyundai Motors has announced to go for a price hike of up to 2 per cent in the country from June 2018. The price hike will be applicable on the entire product line up of Hyundai in the Indian market excluding the Hyundai Creta Facelift and the Elite i20 CVT that has been launched recently. According to Hyundai Motor India, the revised prices will only be applicable as of the 1st of June 2018 ensuring not to miss out on the month end sales buzz for the month of May.
Commenting on the price increase, Rakesh Srivastava, Director - Sales & Marketing, HMIL said, "We have been absorbing the increase in input costs with the increase in commodity prices, freight increase with a hike in fuel prices and also the increase customs duties of certain components. We are now constrained to pass the same to customers in our products with an increase up to 2% from June 2018."
The price hike is the result of extreme rise to the price of fuel and the additional cost that will be required to pay on some components that the company imports from foreign shores. In the context of Hyundai, it means that this is likely to be particularly applicable to the 1.4-litre engine cars which use an array of imported components. However, this is not the first time this year that Hyundai has gone for a price hike on their product line up. Earlier in January this year, the South Korean automaker opted for the same 2 per cent of price hike on its products.
The second largest car manufacturer, Hyundai Motors India Ltd currently sells nine car models across segments – EON, GRAND i10, ELITE i20, ACTIVE i20, XCENT, VERNA, ELANTRA, CRETA and TUCSON. The Indian subsidiary of Hyundai currently exports to around 88 countries across Africa, Middle East, Latin America, Australia and Asia Pacific and currently has 493 dealers and more than 1,306 service points across India. The automaker also has fully integrated state-of-the-art manufacturing plant near Chennai boasting advanced production, quality and testing capabilities. Other than this, HMIL has a modern multi-million dollar R&D facility in Hyderabad that endeavours to be a center of excellence in automobile engineering.
Hyundai India has launched two prominent products – the Creta facelift and the Elite i20 CVT version in the country recently priced at Rs 9.44 lakh (ex-showroom, Delhi) for the base variant of 2018 Creta, and Rs 7.04 lakhs (ex-showroom, India) for the CVT variant of the Hyundai Elite i20. While the Creta facelift is available in both petrol and diesel variants and warranty of 3 Years Unlimited Kilometres with Road Side Assistance, the SUV also offers two new colors– Marina Blue and Passion Orange along with new Dual Tone Passion Orange and Black. On the other hand, the Hyundai Elite i20 CVT is available in two trims- Magna and Asta with only a 1.2-litre Kappa engine replacing the 1.4-litre dual VTVT 4-speed AT powertrain. Stay tuned to V3cars.com for further updates.