A price increase for all of Hyundai Motor India Limited's (HMIL) products will take effect on January 1, 2025. The decision was prompted, according to the company, by a persistent increase in input costs, unfavorable currency rate swings, and rising logistical costs.
Prices for all MY25 models would increase by up to ₹25,000 as a result of the revision."...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," stated Tarun Garg, HMIL's full-time director and chief operating officer, in elucidating the reasoning behind the move.
In related news, the carmaker said that its total sales for November 2024 had decreased by 7% year over year. In November 2023, the corporation sold 65,801 units; this month, it sold 61,252 units.
Export sales fell 20% to 13,006 units, while domestic sales fell 2% year over year to 48,246 units from 49,451 units.
SUVs continued to be a lucrative market niche for Hyundai in the home market, even with the general decline in sales.
SUVs made up 68.8% of Hyundai's total domestic sales in November, according to Garg, demonstrating the company's continued focus on bolstering its position in this market.
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