Hyundai to raise prices up to Rs 25,000 on all models from Jan 2025

New Delhi: Hyundai Motor India Limited (HMIL) has announced a price hike across its entire range of models, effective from January 1, 2025. The company stated that the increase, which will be up to Rs 25,000, is due to higher input costs, adverse exchange rates, and increased logistics expenses.

On Thursday, Tarun Garg, Whole-time Director and Chief Operating Officer of HMIL, emphasized that the company's goal has always been to absorb rising costs as much as possible to minimize the impact on customers. However, he noted that with the continued rise in input costs, it has become necessary to pass on a part of this cost escalation through a minor price adjustment. The price increase will apply to all MY25 models.

During the period from April to September (H1 FY25), Hyundai sold a total of 3,83,994 units of passenger vehicles, including 2,99,094 units in the domestic market, supported by strong sales in the SUV segment, and 84,900 units in exports.

In November, Hyundai Motor India registered total monthly sales of 61,252 units. The domestic market contributed 48,246 units, while export sales stood at 13,006 units for the month.

The company reported a 16 per cent decline in its consolidated net profit, which dropped to Rs 1,375 crore for the July-September quarter of the current financial year, compared to a net profit of Rs 1,628 crore during the same period last year. This decline was attributed to lower car sales in both the domestic and export markets.

HMIL also noted that its consolidated revenue from operations fell by 7.5 per cent, amounting to Rs 17,260 crore in the second quarter of 2024-25, down from Rs 18,660 crore in the corresponding quarter of the previous year.

With IANS inputs