Hyundai Motor India, the country’s second-largest automaker by market share, will increase car prices by up to 3% starting in April. The company cited higher raw material and operational costs as the reason for the price hike, which will vary across different models.
This follows similar moves by other major automakers. Maruti Suzuki and Tata Motors both raised their car prices earlier this week, also citing increased input and operational expenses.
This marks Hyundai’s second price increase since its initial public offering (IPO) in October. In December, the company raised prices by up to 25,000 rupees ($289.62) on various models.
Indian car manufacturers are facing rising costs due to several factors, including higher commodity prices, increased import duties on raw materials, and ongoing supply chain disruptions.
