South Korean automobile manufacturers, Hyundai Motor (005380.KS), will raise prices of its cars in India by about 1.5 to 2 percent from January, the firm said on Wednesday, as it combats high inflation, rising fuel costs and a weaker rupee.
All these factors have now made it very difficult for us to absorb the rising costs, Arvind Saxena, Director of Marketing and Sales, Hyundai Motor India Ltd, said in a statement.
The price increase will come into effect in January 2012, we are in the process of working out the specific increase on the various models. Broadly the increase will be 1.5 to 2 percent across all models, he added.
Maruti Suzuki (MRTI.NS), India's top car maker, last week said it may raise prices after December. Last month, the firm raised prices of its diesel car models.
Car sales in Asia's third-largest economy have fallen for four consecutive months thanks to high interest rates and rising vehicle and fuel costs.