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After Maruti, Hyundai to raise prices of all models by up to Rs 20,000

India TV Business Desk New Delhi 05 Aug 2016, 17:57:48 PM IST
India TV Business Desk

In what may come as a setback for aspiring car owners, automobile manufacturer Hyundai Motor India (HMIL) today informed of a price hike among all models across its entire range from August 16.

This move, according to the company, has been brought in due to the depreciation in rupee's value and increase in input cost.

"The rupee depreciation and increase in raw materials cost have impacted our overall costs," said Rakesh Srivastava, Senior Vice President, Sales and Marketing, HMIL.

According to Srivastava, the prices will be increased from Rs 3,000 to Rs 20,000 across models.

"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," Srivastava added.

Currently the company offers ten car models across segments -- Eon, i10, Grand i10, Elite i20, Active i20, Xcent, Verna, Creta, Elantra and Santa Fe.

(With IANS)