Hyundai hikes prices; cheapest Eon to cost over Rs 3 lakh

Hyundai Motor India on Tuesday increased vehicle prices by up to Rs 127,000 to partially offset the impact of high input costs and expiry of reduced excise duty concessions.

“In these adverse market conditions, the price increase is necessitated on account of the higher excise duty and increased input cost," Hyundai Motor India Ltd (HMIL) sr vice president, (sales and marketing), Rakesh Srivastava said in a statement.

The company has increased the prices across all models starting from Eon to Santa Fe in the range of Rs 15,000 to Rs 127,000 effective from January 1, 2015, he added.

Meanwhile, homegrown auto major Tata Motors said it would also be increasing prices of its products.

"We will pass on the increase in excise, and there would be a related price impact to the extent of the excise increase," a company spokesperson said.

GM India has also increased prices of its vehicles by up to Rs 61,000 across various models. On Monday, Honda Cars India announced a price hike of upto Rs 60,000 across its product range.

The price hike follows the government not extending excise duty concessions given to the auto industry after the expiry on December 31, 2014.