Hyundai Motors Set To Increase Car Prices Starting From January 2020

Hyundai Announces Increase In Vehicle Prices From January 2020

Dev Tyagi
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Hyundai Announces Increase In Vehicle Prices From January 2020

Dev Tyagi

Perhaps it may not be wrong to suggest that come 2020, and one will have to shell out more to buy a brand new car, after Maruti Suzuki announced a price rise for all cars from 2020, the second-largest car manufacturer in India – Hyundai also announced a price hike for all passenger cars starting from January.

There’s no rocket science theory to this. It’s a simple development. One has to embrace for a price increase in Hyundai cars. Although, if it must be said, then this development is going to take place in only a matter of a few days.

So fretting consumers, buyer-angst and all that sort of thing are, well, quite understandable!

Is it not?

That said, in the present moment, the following piece of information is known in the public domain with the national press stating, Hyundai Motor India, on December 10 said, that it will increase the prices of its entire product range from the next month. The move from the celebrated Korean carmaker comes from a situation pertaining to the intricacies involved in making the car units.

The company confirmed that the forthcoming price escalation is to offset the increase in the input costs that goes into making the vehicles.

The media statement from the carmaker stated in its elaboration of the news, ” “The extent of price increase may vary for different models and fuel types,” Hyundai Motor India Ltd (HMIL) said in a statement. The company, however, did not share details of model wise price change.”

That said, it was further implied that on account of an increase in the material and input costs, the company has taken a decision that shall now lead to the price increase in Hyundai cars. But there’s more to the current move.

While the potential price increase in the Hyundai cars has been indicated, what hasn’t been told, as yet, are the specific details pertaining to various car models from the noted Korean carmaker.

It is believed, however, that at this point in time, the company is already working out to figure the figures pertaining to the model-wise price hike.

But fundamentally, what may keep the Indian buyer on the tenterhooks is the fact that Hyundai’s recent announcement bears a stark similarity to the one made recently by Maruti.

Only a few days back, did Maruti also announce that it would be hiking the price of the cars come January 2020. And that said, it wasn’t the only carmaker walking down the path of the price increase.

Not too long ago, Tata Motors also confirmed that it would increase the price of its vehicles starting from January 2020.

In a media release, Mr. Mayank Pareek of Tata Motors (Passenger Vehicles Business Unit) stated, “with BSVI products coming in, prices will increase from January,” Tata Motors president (Passenger Vehicles Business Unit) Mayank Pareek said. “We are working on the calculations…normally if any change happens the prices go up by ₹10,000-15,000. Now there are two things happening, one is BSVI and there is also pressure from rise in commodity prices.”

Guess, no one is firing shots in isolation here, are they? Are we embracing a tough 2020 where the car ownership is concerned? For now, it seems to be headed that way