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Hyundai Motor India said on Thursday it would hike prices across all its models by up to 25,000 rupees ($295.07), as the newly-listed automaker seeks to mitigate the impact of rising costs.
The price increase will come into effect from Jan. 1, 2025, the country’s No.2 carmaker by market share said.
“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,” CEO Tarun Garg said in a statement.
Indian automakers are grappling with higher costs from rising global commodity prices, high import duties on raw materials, and disruptions in supply chains, prompting some automakers to hike prices earlier in the year.
Rival Tata Motors also increased prices of its commercial vehicles twice in 2024.
The firm, whose IPO was the biggest in the domestic market this year, sells 13 passenger vehicle models in India, with the ‘Creta’ and ‘Venue’ sport-utility vehicles (SUV) as well as the ‘Grand i10 Nios’ hatchback among its most popular cars.
Last month, Hyundai Motor India posted a 16.5% decline in its second-quarter profit due to lower domestic sales and as Red Sea disruptions hurt exports.
($1 = 84.7250 Indian rupees)
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