Our Bureau

New Delhi, Jan. 20

Hyundai Motor India Ltd (HMIL) on Wednesday announced a 1-1.5 per cent hike in prices of all models from February 1.

The company, which said that the maximum increase would be of around Rs 9,000, has cited a rise in input costs as the reason for the hike. When asked specific-price hikes per model, company officials declined comment saying that the model-wise increase would only be clear by next month when the hike is effective.

The move follows recent announcements of price hikes by major players such as Maruti Suzuki and Ford Motors because of similar concerns on rising input costs. Even General Motors had increased prices of a few models by 1-1.5 per cent on January 5.

HMIL has said that it is also expecting an increase in product prices around March, when it introduces the new Bharat Stage IV compliant petrol and diesel engines across all its models.

“Most of our models would be BS IV compliant before the April deadline. Mostly minor changes and tweaking is needed in engines like the Kappa 1.2 litre petrol, which is used in the i10 and i20. We can expect another price hike by March due to the costs involved in the upgradation of the engines,” said Mr Arvind Saxena, Director, Marketing & Sales, HMIL, while speaking to Business Line.

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(This article was published in the Business Line print edition dated January 21, 2010)
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