Hyundai Motor has announced to increase the prices of its cars starting next year on account of increase in input and logistics costs.
Hyundai Motor India Limited (HMIL) in an exchange filing said, "It will increase prices across its model range effective from January 1, 2025. The price increase has been necessitated owing to an increase in input costs, adverse exchange rate and increase in logistics costs."
Commenting on the development, Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL, said, "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 increase will be up to Rs 25000. The price increase will be effective from January 1, 2025 on all MY25 models."
Hyundai Motor India shares traded flat at around 11:15 AM to quote at Rs 1,880 per share on the NSE, up marginally by 0.42 percent. The stock is down over 4 percent below its IPO price of Rs 1,960 per share.
Earlier in November, Mercedes-Benz India (MBI) announced to hike prices by up to 3 percent for its entire model range in the portfolio, effective from January 1, 2025.
Hyundai Motor India's total sales declined 7 percent year-on-year to 61,252 units in November, 2024. The automaker had dispatched 65,801 units to its dealers in November last year, the automaker said in a statement.
Domestic sales declined 2 per cent year on year to 48,246 units last month as against 49,451 units in the year-ago period. Exports declined 20 per cent year on year to 13,006 units last month.
The company said stated that its consolidated net profit fell 16 percent to Rs 1,375 crore for the quarter ended September 30, 2024, due to lower domestic sales, geopolitical factors and exports, its first earnings report since listing.
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