Hyundai Motor India, the second largest automobile manufacturer in India has stated that it will be implementing an increment in prices across its product portfolio. The company has indicated that the price hike will come into effect around the end of October 2012.
The quantum of price hike has not been declared yet by the company. Mr. Rakesh Srivastava Vice President National Sales and Marketing Hyundai Motor India stated that the price hike has become necessary in order to counter various factors such as the rise of input costs due to increase in raw material prices and freight charges. He added that the company will minimize the hike to ensure the least possible inconvenience to customers.
Hyundai India joins the ranks of Maruti Suzuki, General Motors and Audi which have implemented price hikes in September and October 2012 due to similar reasons of rising input costs. The sluggish market conditions have been another point of concern while hiking prices may further dampen the buying sentiments.
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