Hyundai Motor India sells 13 passenger vehicle models in India. Hyundai Motor India Limited (HMIL) will raise prices on all its 2025 models by up to INR 25,000, effective January 1, 2025.
The newly listed automaker cited increased input costs, unfavorable exchange rates, and higher logistics expenses as reasons for the price hike.
Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL, said, “At Hyundai Motor India Limited, our endeavor is always to absorb rising costs to the extent possible, ensuring minimal impact on our customers. 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."
"This price increase will be done across models and the extent of the increase will be up to INT 25000. The price increase will be effective from January 1, 2025 on all MY25 models,” Garg added.
Hyundai Motor India, which held the largest initial public offering in the domestic market this year, saw a 16.5% decline in second-quarter profits. This decline was attributed to lower domestic sales and disruptions to exports caused by issues in the Red Sea region.
The company sells 13 passenger vehicle models in India. Competitor Tata Motors also raised prices for its commercial vehicles twice in 2024.
Luxury car manufacturer Audi also announced a 3% price increase on its lineup, effective January.
