Hyundai Announces Price Hike for its models

Hyundai Announces Price Hike

Taunted as a “rich man’s product” in past, cars are set to repeat the history once again. This time along, the burden comes in the form of increased taxes. Following the announcement of infra cess in the Union budget 2016-17, the South Korean carmaker has forwarded the burden of taxes on customers. The price hikes range from Rs. 2,889 to Rs 82,906 and will ply from April 01, 2016. Model-wise breakdown is as follows:

Price Ex- showroom, New Delhi

Car

Base Price Hike (Rs.)

Eon

2,889

i10

3,848

Grand

4,286

Xcent

4,726

Elite i20

4,886

Active

5,857

Verna

5,677

Creta

27,192

Elantra

45,044

Santa Fe

82,906

Commenting on the price hike, Mr. Rakesh Srivastava, Sr. Vice President, Sales and Marketing said, “The new levies in Union Budget 2016 have led to price increase across the models ranging from Rs 2,889 to Rs. 82,906. Today’s customers are discerning on net off value offerings. The change in price value equations could alter the overall demand, from with-in the segment to across the segments and fuel types.”

Hyundai Announces Price Hike

Some of the other automakers have already implemented the increase in costs. These include manufacturers like Honda and Maruti Suzuki. Mahindra made a similar announcement today. Electric and hybrid vehicles remain the lucky ones as they come under the FAME (Faster Adoption and Manufacturing of Electric vehicles) scheme launched by the government of India last year. Deliberating on the advantage, Maruti has even brought the SHVS version for its models like Ciaz and Ertiga.

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Hyundai Announces Price Hike for its models