Toyota and Hyundai to Hike Prices Starting 2016

Hyundai and Toyota will be hiking prices by up to Rs 30,000 and 3 percent, respectively, across entire model range.

Hyundai and Toyota cars will be more expensive in 2016. Seen here, the Hyundai Creta. (Photo: Hyundai India)

Hyundai and Toyota vehicles are set to be more expensive in 2016.

The reasons for the price hike across both automakers’ model range are rising input costs and the weakening of the Indian Rupee in the global market.

Hyundai will be hiking the prices of its cars by up to Rs 30,000 while Toyota will be increasing the prices by up to 3 percent, effective January 1 2016.

The proposed price increase up to Rs 30,000 will be effective from January 2016 across all models including Elite and Creta.

Rakesh Srivastava, Senior Vice President (Sales and Marketing), Hyundai Motor India

Hyundai currently sells nine models in India – Eon, i10, Grand i10, Elite i20, Active i20, Xcent, Verna, Elantra and Santa Fe, with prices ranging from Rs 3.10 lakh to Rs 30.41 lakh (Ex-showroom Delhi).

Meanwhile, Toyota, which is present in India through a joint venture with the Kirloskar group, is yet to finalise the price hike of individual models, according to PTI.

We have been holding back a price hike and absorbing for a long time, but input costs, electricity, maintenance and foreign exchange have increased. Therefore, we have decided to increase prices of our vehicles from January.

N Raja, director and senior vice-president, sales and marketing, Toyota Kirloskar Motor

Toyota sells a range of vehicles in India, from compact car Liva to SUVs like the Land Cruiser, tagged at Rs 1.29 crore (Ex-showroom Delhi).

German luxury car makers Mercedes Benz and BMW have already announced that they would increase prices across their entire vehicle range by up to two and three percent, respectively, effective from January 1 2016.