Car Price Hike: Hyundai, Honda, MG To Increase Prices Of Their Cars In India From Next Year | Details Here

The Indian automotive industry has experienced rapid growth post the COVID era, witnessing a surge in demand for conventional cars, two-wheelers and even electric cars. In response to this heightened demand and increasing input and operational costs within the supply chain, automobile manufacturers have decided to raise the prices of their popular models. Automobile manufacturers like Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Mercedes-Benz India and Audi India have already announced plans to increase prices on select models or the entire range of vehicles from January 2024. 

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Hyundai India 

Hyundai Motor is gearing up to increase the prices of its cars and SUVs in the coming days, with its implementation to happen by January next year. Hyundai has stated that the price hike will affect models such as Creta, Venue, Exter, Verna among other models. This price hike is aimed at balancing out the impact of rising component prices, inflation and various other factors. However, Hyundai hasn't provided specifics on the exact date or the extent of the price hike for its models.

MG India 

MG Motor India on Monday said it will hike prices of its vehicles in the country with effect from January 2024. The hike is owing to the rising costs attributed to overall inflation and increased commodity prices, the company said in a statement. MG Motor, however, did not disclose the quantum of price hike it plans to take from next month.

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Honda India 

Honda Cars India plans to increase prices of its vehicles from January in order to partially offset the impact of rising input costs, according to a senior company official. The Japanese carmaker sells three models -- Elevate, City and Amaze -- in the Indian market. Honda Cars India Vice President (Marketing and Sales) Kunal Behl said the company will increase the prices of its models from next month due to pressure on input costs. 

(With Agencies Inputs)