Increasing fuel prices, freight rates, and taxes on CKD components have started taking a charge on the Hyundai car costs. Hyundai has declared that it is going to raise the car prices across the product range in the upcoming months up to 2% in order to compensate the additional charges payable on car prices.
Rakesh Srivastava, director, sales marketing, Hyundai Motor India Ltd said, We have been absorbing the increase in input costs with increase in commodity prices, freight rate increase with a hike in fuel prices and also the increase in customs duties of certain components. We are now constrained to pass the same to customers in our products with an increase up to two percent from June 2018.
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The increase in price will not add the new Creta facelift which was introduced on May 21, 2018. The price of the Creta Facelift includes the price rectification as the Hyundai leaped over from the trend of starting prices such as the Korean manufacturer did for the Verna 2017. It is not the first time in the year 2018 that the company has declared the price increase. In January 2018, meantime of a price revision series by other automobile companies, Hyundai has as well enlarged the prices across the product range up to 2%.