Hyundai Motor India To Introduce Car Price Hike On October 1 2013


News: South Korean automaker Hyundai Motor India will increase the price of its models in the country by up to US$318 from October 1 2013, the Economic Times reports. Hyundai says the move is an attempt to counter the negative impact of rupee depreciation and rising input costs to the firm's bottom line. The price hikes will not be implemented on the Grand i10 compact car, however. Between April and August 2013, the rupee has weakened by more than 17% against the dollar. The price of the Eon ranges from US$4,545 to US$6,236, while the Santa Fe's cost is between US$37,330 to US$42,260.

BMI View: According to the Society of Indian Automobile Manufacturers, auto sales for the first three months of FY2013/14 (April-March) contracted by 7.6% y-o-y, to 774,888 units.

This article is tagged to:
Sector: Autos
Geography: India