Hyundai to increase pricing of its entire portfolio from 1st January 2018; all the cars to be pricier by up to 2%
India’s second biggest car brand Hyundai has announced price hike that will be implemented across its entire portfolio in the domestic market from 1st January, 2018. The South Korean auto brand says its cars will be dearer by up to 2% post the price hike. With this price hike announcement, Hyundai joins the bandwagon of other auto brands like Honda, Nissan, Mahindra, Tata Motors, Isuzu, Skoda etc, that have already announced increased pricing just a few days back.
The price hike comes as part of the band’s annual price revision and as the production cost has increased due to the rise in input and material cost. However, Hyundai doesn’t think this price hike will affect its business in the country.
Also read: Upcoming Hyundai Cars in India in 2017, 2018
Presently, Hyundai holds 17% market share in Indian domestic market, right after Maruti Suzuki’s 50% stake. The brand is posting good result with its new crop of cars, specially the Verna. In November 2017, Hyundai registered total sales of 44,008 units that marked a 10% YoY hike compared to same month last year, when the brand recorded 40,016 units.
Thanks to the new Verna, Hyundai has been able to strengthen its position in the midsize sedan segment of domestic market. The new Verna sedan posted 3,751 units in last month compared 931 units, recorded in November 2016. Hyundai sold 358,061 units in between April and November this year, with 67% of it attributed to petrol models.
Speaking about the new Verna sedan that has become the main revenue generator for the brand, this car has already garnered more than 30,000 booking within short span after its arrival. Not only in domestic market, this made-in India car is experiencing rising demand from global markets as well. As Hyundai has revealed, it will be exporting 10,501 units of the new Verna to Middle East markets.
Inspired by the success of the new crop of cars, Hyundai is preparing to roll out more fresh models here. These include the new generation Santro hatchback, Kona SUV, Ioniq hybrid sedan etc.