New Delhi, Dec 5: Hyundai Motor India Limited (HMIL) on Thursday announced to increase prices across its model range effective from January 1, 2025, owing to an increase in input costs and other factors.
The price increase will be done across models, and the extent of increase will be up to Rs 25,000. The price increase has been necessitated owing to an increase in input costs, adverse exchange rate and increase in logistics costs, the automaker said in a statement.
“At Hyundai Motor India Limited, our endeavour is always to absorb rising costs to the extent possible, ensuring minimal impact on our customers,” said Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL. However, 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”, he added.
The price increase will be effective from January 1, 2025 on all MY25 models. In April-September period (H1 FY25), the company sold a total of 3,83,994 units of passenger vehicles. This includes 2,99,094 units in the domestic market with a strong contribution from SUV segment. The export volume stood at 84,900 units.
In November alone, Hyundai Motor India registered total monthly sales of 61,252 units. The company’s domestic sales were at 48,246 units while export sales stood at 13,006 units during the month. The automaker reported a 16 per cent decline in its consolidated net profit to Rs 1,375 crore for the July-September quarter of the current financial year on the back of lower car sales both in the domestic and export markets.
The country’s second-largest car manufacturer had reported a consolidated net profit of Rs 1,628 crore in the year-ago period. The auto major said its consolidated revenue from operations declined 7.5 per cent to Rs 17,260 crore in the second quarter of 2024-25 from Rs 18,660 crore in the same quarter of the previous year.
IANS