Hyundai India has announced that there’ll be a price increase of up to Rs 20,000 from August 16th across its model range starting from the entry level Eon to the premium SUV the Santa FE.
The company says Rupee depreciation and increase in raw materials cost is the reason behind this hike.
Rakesh Srivastava, Senior Vice President, Sales and Marketing said, “The rupee depreciation and increase in raw materials cost have impacted our overall costs. We have been absorbing most of the costs but now we are compelled to consider the price increase. We will be increasing the prices from August 16, 2016 by Rs 3,000 to Rs 20,000 across models.”
Recently, Maruti Suzuki too hiked prices of some of its models ranging from Rs 1,500 – Rs 5,000 (ex showroom Delhi). Prices of newly launched models like Vitara Brezza and Baleno too are being increased by up to Rs 20,000 and up to Rs 10,000 respectively.
Maruti said that the price revision is based on factors like segment wise demand, forex movements and strategic objectives of the company.
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