Each year, we witness carmakers increase the prices of their cars to offset the rise in input costs
Hyundai Motor India Limited (HMIL) has announced a price increase across the model range from January 1, 2025. This is in line with a common practice in the industry for every carmaker. Hyundai has been able to maintain the title of the second-largest car marque in the country despite stiff competition from Mahindra. In fact, Tata Motors and Mahindra have been constantly clipping the heels of the Korean auto giant to take the second spot. Still, Hyundai has been able to hold its own on the back of the diverse product range on offer.
Hyundai Announces Price Increase from Jan 1
Each year around the first month, car companies announce a marginal increase in the prices of their models. Similarly, Hyundai mentioned that due to the increase in input costs, adverse exchange rates and increase in logistics costs, it will have to levy a price increase on all its offerings in our country. Note that Hyundai sells cars ranging from entry-level hatchbacks to premium SUVs in the ICE department and the high-end premium EV in the form of Ioniq 5. Hence, you can expect an increase in the prices of the cars by up to Rs 25,000.
Speaking on this occasion, Mr. Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL, said, “At Hyundai Motor India Limited, our endeavor is always to absorb rising costs to the extent possible, ensuring minimal impact on our customers. However, with the sustained increase in input cost, it has now become imperative to pass on a part of this cost escalation through a minor price adjustment. This price increase will be done across models and the extent of the increase will be up to Rs 25000. The price increase will be effective from January 1, 2025 on all MY25 models.”
My View
Raising the price of cars each year is a well-established practice in the automobile market. The aforementioned reasons are common for each car maker. Therefore, as a potential car buyer, I must caution you to be prepared for this regardless of which car you want to opt for. The only thing to see is the amount with which the price of a particular model is increased. We shall come to know the details about every auto company’s approach towards this in the coming days.
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