NEW DELHI: South Korea’s Hyundai Motor Co will raise prices on all but one of its car models in India by up to 30,000 rupees ($469) from Aug. 1 as input costs rise, the company said in a statement on Saturday.
The newly launched sport-utility vehicle Creta was excluded from the price rise, it said.
“The price increase has been necessitated by increase of input costs. We have been absorbing most of the costs but now we are constrained to consider the price increase in these challenging market environment,” said Rakesh Srivastava, senior vice president, sales and marketing, Hyundai Motor India Ltd.
Hyundai is India’s second-largest carmaker by sales and largest exporter. India’s car market, the world’s sixth largest, is expected to grow to number three by 2020 as incomes rise.
