Hyundai Motors India has announced today that it will hike car prices by 1.5 to 2 percent from next month. The firm has blamed the high inflation and steep depreciation in the value of rupee for this increase. The announcement from Hyundai came in the aftermath of decision of a number of leading car makers in India including Toyota, GM and Ford to hike the price of their cars from January.
Arvind Saxena, director of marketing and sales for Hyundai India, said, “The price increase will come into effect in January, 2012. We are in the process of working out the specific increase on the various models. Broadly, the increase will be 1.5 to 2 per cent across all models.”
In the month of November 2011, the company sold a total of 57,080 units of its cars in the Indian market, registering a sales surge of 28.15 percent.
Hyundai is currently the largest car exporter and second largest car maker in the Indian auto market.
[Source: India Today]