Korean automobile manufacturing giant Hyundai Motor India Ltd has also finally joined the group of companies to hike prices from January 1. The company on Thursday announced a hike in vehicle prices from next month. However, the company has not yet made an official announcement regarding how much the price hike will be, according to the language news. But it is certain that prices will rise.
The company sells vehicles ranging from ₹ 5.84 lakh to ₹ 45.95 lakh.
According to the news, the vehicle manufacturer Hyundai Motor India Limited attributed the reasons behind this to the rising cost of raw materials, negative exchange rate and increase in commodity prices. We tell you, the company sells a series of vehicles in India, from the grand i10 Nios to the electric SUV IONQ5. They are priced between Rs 5.84 lakh to Rs 45.95 lakh.
The increase in commodity prices also became the reason.
According to a statement issued by Hyundai Motor India Limited (HMIL), the price hike is due to higher raw material prices, weaker exchange rate and higher commodity prices among other reasons. HMIL Chief Operating Officer (COO) Tarun Garg said that the company always tries to absorb cost increases as much as possible and ensure that consumers are not burdened.
Several companies have already announced.
Ahead of Hyundai Motor India Limited, Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Toyota, Audi have also announced to increase vehicle prices from January 1, 2024. Almost all companies have the same argument that we have to raise prices due to rising costs. Usually in the month of December every year, companies announce price hikes for cars or other vehicles.
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