Hyundai Motor India Ltd. (HMIL) has announced a hike in prices of all models across their range which will be effective from August 16, 2016. The company says this upward revision is due to the rising input costs coupled with high prices of raw materials.
Rakesh Srivastava, Sr. Vice President, Sales and Marketing, HMIL, 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."
Though the manufacturer has not specified the product-wise price revision, the increase in ex-showroom prices will be applicable right from the Eon to the Santa Fe. Many companies had already increased and some are still raising the prices of their products in order to compensate the huge costs they have to bear due to ever rising expenses. This is the impact which is being passed on to the consumers.
