Hyundai Motor India vehicles to be expensive from the new year, prices to increase by 25,000 rupees

New Delhi| Hyundai Motor India Limited (HMIL) on Thursday announced a price hike of up to Rs 25,000 for all its models. The new prices will apply from 1 January. The reason for the increase in prices is the increase in input costs.

The statement issued by the company said that the price increase will be done on all models and will be increased to a maximum of Rs 25,000. Price increases have been necessitated by increases in input costs, unfavourable exchange rates and increases in logistics costs.

“Our endeavor at Hyundai Motor India Limited is always to bear the rising costs to the extent possible, ensuring minimal impact on our customers”, said Tarun Garg, HMIL’s full-time director and chief operating officer.

It further said that the continuous increase in input costs had made it necessary to increase prices. The price increases will come into effect from January 1, 2025. In the April to September period of 2024, the company has sold a total of 3,83,994 units of passenger vehicles. Domestic market sales stood at 2,99,094 units, with a strong contribution from the SUV segment. During this period, 84,900 units have been exported by the company.

Hyundai Motor India reported total monthly sales of 61,252 units in November alone. The company’s domestic sales during the month stood at 48,246 units while export sales stood at 13,006 units. In the second quarter (July – September) of FY25, the company’s consolidated profits have registered a decline of 16 percent to Rs 1,375 crore. The company had made a profit of Rs 1,628 crore in the same period last year. The reason for the decline in profits is weak sales in the domestic and export markets.  The company said its consolidated income from operations declined 7.5 per cent to Rs 17,260 crore in Q2 2024-25 from Rs 18,660 crore in the same quarter last year.