Hyundai to hike car prices from January 2024
05 Dec 2024, 05:37 PM
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Hyundai Motor India Limited has announced that it will increase prices across its model range effective from January 1, 2025, due to a rise in input costs, an adverse exchange rate, and an increase in logistics costs, the automaker said in a statement.
“At Hyundai Motor India Limited, our endeavor is always to absorb rising costs to the extent possible, ensuring minimal impact on our customers,” said Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL.
However, with the sustained increase in input cost, “it has now become imperative to pass on a part of this cost escalation through a minor price adjustment,” he added. The price increase will be effective from January 1, 2025, on all MY25 models.
In the April-September period (H1 FY25), the company sold a total of 383,994 units of passenger vehicles. This includes 299,094 units in the domestic market with a strong contribution from the SUV segment. The export volume stood at 84,900 units.
In November alone, Hyundai Motor India registered total monthly sales of 61,252 units. The company’s domestic sales were at 48,246 units, while export sales stood at 13,006 units during the month.
The automaker reported a 16 percent decline in its consolidated net profit to Rs 1,375 crore for the July-September quarter of the current financial year on the back of lower car sales both in the domestic and export markets.
Currently, Hyundai India has models like the Grand i10 NIOS, i20, and i20 N Line in the hatchback segment. Meanwhile, Aura and Verna represent the brand among segments. The brand also has an extensive range of SUVs like the Exter, Creta N Line, Venue, Venue N Line, Creta, Alcazar, and Tucson. In the electric vehicle category, the brand has the Ioniq 5.
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