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HomeCURRENT AFFAIRSHyundai Mulls Price Hike After Maruti and Mahindra; Should You Buy Now?...

Hyundai Mulls Price Hike After Maruti and Mahindra; Should You Buy Now? Details

Hyundai is planning to announce a price hike for all products in its portfolio in India. Expectedly, the new prices will be applicable from Jan 1, 2024. Check out more details below.

Hyundai Price Hike: Hyundai is planning to announce a price hike for all products in its portfolio in India. Expectedly, the new prices will be applicable from Jan 1, 2024. The forthcoming price hike will affect a wide range of models like Creta, Verna, Exter and Venue in the automaker’s portfolio. The carmaker has made a price hike due to the rising prices of car components and steel. However, the auto brand has not officially announced the quantum of the hike and any fixed date when the price hike will be implemented. Check out more details below.

Earlier, Hyundai announced a price hike in August 2023 which increased the prices of Venue, Verna and Tucson by Rs. 48000. The company has also informed that the announcement of a new price hike is still under consideration.

The Korean automakers join other Indian automakers like Tata and Mahindra who have recently announced a price hike for their products. The pioneer brand to announce a fresh price hike was Maruti Suzuki, it was later joined by Mahindra, Honda, Tata Motors and now Hyundai.

Tarun Garg, COO at Hyundai Motor India, said that the carmaker is planning to tackle the rise in prices of raw materials copper and plastic, besides softening the impact of forex movement and inflation. He said, “We will be finalising the quantum of price hike in the next couple of weeks and we will try to keep the impact minimal to the consumers.”

Should You Buy Now?

Hyundai is expected to introduce some upgrades in its vehicles including design elements. If you are the one who can adjust to a little bit older-looking models, you can go buy your favourite vehicle to avoid a price hike. But if you want to buy newer models having added features inside and out, then we suggest you wait for a while and buy your desired vehicle in 2024, but be prepared to pay an additional amount for the same.

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