Korean car brand Hyundai Motors has decided to hike prices of Santro, i10 and Accent models in the range of Rs 3,601 to Rs 14,636, with immediate effect. The recent price hike was due to rise in the prices of input materials and the burden was passed on to the customers.

 

However, the company has not raised the prices of its recently launched premium hatchback i20 and the new Sonata. Both the models are still under the introductory price scheme. But the prices of the mid-sized sedan Verna will go up.

 

In a statement issued today (13th February) Hyundai Motors, the country's second largest car maker after Maruti Suzuki, said that the price hike is primarily due to rise in input costs. Companies had also blamed costlier import bill for the hike in prices as most cars had higher import content.

 

Earlier in December Hyundai along with other car and utility vehicle makers had reduced vehicle prices. That price reduction decision was followed by a 4 per cent reduction in Cenvat rate by the government resulting in a cut of about 3.5 per cent in excise duty. Recently, Maruti Suzuki, Honda Siel, Toyota Kirloskar and Ford Motor India had also decided to raise prices due to similar reasons.