Hyundai India has witnessed a significant response from the customers and this can be clearly seen by the rising sales figures of the company. Looking at this response, the Korean manufacturer is looking to raise the prices of its cars anytime soon. Hyundai Cars price hike is next to take place after Maruti, which announced a price hike for its models few days back. This is not the first time that Hyundai India is announcing a price hike for its models. In January and March Hyundai Cars have already witnessed a price hike.
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The reason for these consecutive hikes, as stated by the company are the currency devaluation and rising costs. The Vice President, Sales and Marketing of Hyundai India, Rakesh Srivastava said, “The depreciation of Indian currency and rising cost of raw materials have forced to push the pricing of the models to the upper limit. The company is absorbing most of the costs but we are compelled to conduct a price hike. The company will be revising the prices from August 16, 2016 by INR 3,000 – 20, 000 across all models.”
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Starting from the entry level models, Hyundai Eon and i10 will experience a price hike of INR 3000, and the top model in the lineup, Hyundai Santa Fe, for this SUV you will have to pay INR 20,000 more. Hyundai is in a process of launching Elite i20 automatic variant, Hyundai Elantra and Hyundai Tucson, and it is expected that the prices of these models will be also slightly high than expected. As all the automakers are experiencing price hike in the raw materials, most of the automakers must be considering a price hike of their models. Maruti and Hyundai being the early birds in the process, a slight bump in the prices might not make a major difference in the sales of the popular models of these manufacturers.