Hyundai to Increase Prices of its Model Range from Jan’24

In response to the challenging economic landscape and escalating production costs, Hyundai Motor India Limited (HMIL) has officially declared a price hike across its model range that will be effective from January 1, 2024. The diverse range includes popular models such as Grand i10 NIOS, i20, i20 N-Line, AURA, EXTER, VENUE, VENUE N-Line, VERNA, CRETA, ALCAZAR, TUCSON, KONA Electric, and the all-electric SUV IONIQ 5.

As the country's leading smart mobility solutions provider and the leading exporter in the automotive sector, HMIL cited multiple factors, including the rising input costs, advertising the exchange rates, and an increase in the commodity prices, as key contributors to this decision.

Mr. Tarun Garg, the Chief Operating Officer at Hyundai Motor India, addressed the impending price adjustments, emphasizing the brand's commitment to customer satisfaction. "At Hyundai Motor India, we always try to absorb the cost hike to the extent that’s possible and also ensure the continuous customer delight. However, it has now become imperative to pass on some portion of the rising input cost to the market through a minor price increase. The price hike will be effective from January 1st, 2024."

This strategic move is part of HMIL's ongoing efforts for balancing the economic challenges while also delivering high-quality products to its customers. The company has assured the consumers that internal initiatives would continue to minimize the future price impacts, underscoring their dedication to providing competitive and value-driven offers.

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CarBike360 Says: -  Hyundai Motor India Limited's decision to increase prices across its model range from January 1, 2024, reflects the brand's response to the complex economic landscape, citing factors such as rising input costs and adverse exchange rates. Despite these price adjustments, Hyundai assures customers of ongoing efforts to minimize future impacts, showcasing their dedication to providing competitive and value-driven offerings.