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Hyundai:

to hike prices from Feb 1

Hyundai Motors India has decided to increase prices across all products between 1 per cent and 1.5 per cent from February 1. 

<font face="arial, geneva, helvetica" size="2">The decision comes a day after Maruti Udyog Ltd (MUL) announced that it would hike prices by up to Rs 12,000 from next month.&nbsp;</font>

<font face="arial, geneva, helvetica" size="2">Hyundai’s price revision would be applicable to all models, including its flagship Santro, premium hatchback Getz, sedan Sonata and the newly launched Verna,</font>

<font face="arial, geneva, helvetica" size="2">a company spokesperson said. Earlier, Hyundai had said the price rise will include both its diesel and petrol models.&nbsp;</font>

<font face="arial, geneva, helvetica" size="2">Car companies are under input cost pressure due to steep hike in steel and aluminium prices. “We are transferring a little burden of the rising cost to the</font>

<font face="arial, geneva, helvetica" size="2">customer, while absorbing most of the inputs cost,” said MUL managing director Jagdish Khattar.&nbsp;</font>

<font face="arial, geneva, helvetica" size="2">Company sources said while Maruti will not hike the price of the Swift Diesel launched last week, the price of the Zen Estilo may go up marginally.&nbsp;</font>

<font face="arial, geneva, helvetica" size="2">Other companies which have increased prices this year by 1-2 per cent include Honda Siel Cars, Ford India Motors, General Motors and Mahindra &amp; Mahindra.&nbsp;</font>

<font face="arial, geneva, helvetica" size="2">Hyundai also said its vendors from Korea will infuse another $785 million in the next two years in its Indian operations.&nbsp;</font>

<font face="arial, geneva, helvetica" size="2">Hyundai Motor India managing director H.S. Lheem said the new investment will be made by 24 new vendors and 17 tier II suppliers from Korea.&nbsp;</font>

<font face="arial, geneva, helvetica" size="2">The company’s existing 17 vendors have already pumped in $262 million in Hyundai’s ramp-up operations. These vendors will invest another $356 million while</font>

<font face="arial, geneva, helvetica" size="2">the new vendors will put in $254 million and the tier II suppliers another $75 million.&nbsp;</font>

<font face="arial, geneva, helvetica" size="2">The total tally at the end of two years would be just under $1 billion or around Rs 4,262 crore. The ramp-up and investment by vendors would create an</font>

<font face="arial, geneva, helvetica" size="2">additional employment of 19,000 people, said Lheem.</font>

 

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