Hyundai Motors Price Hike:  India's one of the leading automobile manufacturers 'Hyundai Motor India Limited' (HMIL) announced to hike in vehicle prices across its model range from the commencement of the new year i.e. on January 1, 2025. The rate revision is due to rising input, logistics and transportation costs and unfavourable exchange rates. Hyundai Motor India Limited said that the prices of its model year 2025 (MY25) automobiles will increase by up to Rs. 25,000.

The price hike will be applicable across all models, and the hike will be up to Rs. 25000. The price hike will be effective from January 1, 2025, on all MY25 models. The hike will be applicable across several Hyundai offerings, ensuring that customers are informed in advance.

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Tarun Garg, full-time director and Chief Operating Officer, of HMIL, said, "At Hyundai Motor India Limited, our endeavour is always to absorb rising costs to the extent possible, ensuring minimal impact on our customers. However, 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."

Earlier on December 2, luxury car maker Audi India announced to raise vehicle prices by 3% considering higher input and transportation costs. The price hike will apply to all models.  Audi manufactures popular models like the Audi RS Q8, Q7,  A4, and e-tron GT.

This revision in prices is critical for Audi India and our dealer partners to ensure sustainable growth. We are dedicated to mitigating the impact of the price rise on our valued customers, he further said, said Balbir Singh Dhillon, Head, of Audi India.

Raising prices at the beginning of each year has become a standard practice in the automotive industry, as brands align their prices with the price increases they experienced in the previous year. These changes aim to balance market dynamics while maintaining stable operations and growth.

With Hyundai and Audi joining the list of brands announcing price revisions, other automakers are expected to do so in the coming weeks. Consumers planning to buy vehicles may want to close deals by the end of the year to avoid higher costs from January 2025.

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(With Agencies Inputs)