Hyundai to hike car prices from Jan 1
According to Hyundai Motor India Limited, the price hike will be done across all MY25 models, such as Tuscon and i30 Sedan, up to Rs 25,000 from next year.
ADVERTISEMENT
Hyundai Motor India Limited on Thursday announced that it will increase prices across its model range effective from January 1, 2025, due to a rise in input costs, adverse exchange rate, and increase in logistics costs.
According to the company, the price hike will be done across all MY25 models, such as Tuscon and i30 Sedan, up to Rs 25,000 from next year.
Last month, Mercedes-Benz India (MBI) announced a price hike of up to 3 percent for its entire model range, effective from January 2025.
Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL informed the stock exchanges, “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 25,000. The price increase will be effective from January 1, 2025, on all MY25 models".
Notably, the Indian arm of the South Korean automaker witnessed a dip in its sales by 7 percent to 61,252 units in November, comprising 48,246 domestic sales and 13,006 exports. The automaker's standalone profit witnessed a 16.5 percent decline of Rs 1,337 crore in the second quarter of FY 25 compared to Rs 1,602 crore year-on-year basis.
The revenue from operation reduced from 18,409 crore to Rs 16,876 crore in Q2 FY 25.
The total income of the maker of Creta and Venue cars declined by 9.10 percent to Rs 17,078 crore in Q2 fiscal year 2025 from Rs 18,788 crore in the corresponding quarter in FY 24.
In the mid to long term, Hyundai has anticipated a sustained demand momentum in the auto industry. The company said it will continue to focus on the quality of growth by maintaining an optimum balance between volume, market share, and margins.
Hyundai Motor India's share price was up 0.19 percent to Rs 1,875.05 at 12 pm on Thursday.
