Hyundai Motor India Ltd and Japanese carmaker Nissan on Tuesday said it will hike car prices from January to offset higher input costs, fluctuating exchange rates and marketing expenses.
While Hyundai said it will hike prices by up to Rs 1 lakh across models, Nissan has decided to hike prices of its vehicles by up to Rs 30,000.
Hyundai Motors India Limited, Senior Vice President, Sales and Marketing Rakesh Srivastava said in a statement, “In these challenging year-end market conditions, we are constrained to consider price increase on account of factors like increased input costs, fluctuating exchange rates and increasing marketing expenses.”
“The proposed price increase will be up to Rs 1, 00,000 and will be effective from January 2017 across all models from Eon to Santa Fe,” he said.
The company sells a range of passenger vehicles, from entry level small car Eon with a starting price of Rs 3.27 lakh to SUV Santa FE priced at Rs 31.98 lakh (ex-showroom Delhi).
While, Earlier on Tuesday, Nissan Motor India said that it will also increase prices of its vehicles by up to Rs 30,000 from next month to offset higher input costs.
The company sells a range of vehicles under the Nissan and Datsun brands starting with entry level small car Datsun Go priced at Rs 3.28 lakh to SUV Nissan Terrano Rs 13.75 lakh (ex-showroom Delhi).
Following the array of price hike trend, Tata Motors had on Monday announced that it would hike passenger vehicle prices by Rs 5,000 to Rs 25,000 from next month in order to offset increased input costs.
Renault India has also announced plans to increase prices of its vehicles by up to 3 per cent from next month for the same reason.
Earlier, Toyota Kirloskar Motor (TKM) had announced hike in prices of its vehicles by up to 3 per cent from next month to offset increased input cost and consistent upward trend in foreign exchange rates.