According to foreign media reports, on March 19th, Hyundai Motor India stated that due to the continuous rise in raw material and operational costs, the company will increase car prices starting from April this year, with the highest increase being 3%. It is understood that the price increase for different models will vary. This is the second price hike by Hyundai Motor India since its initial public offering (IPO) in October 2024. Previously, the company had raised the prices of all models in December 2024, with the highest increase being 25,000 rupees.

Image source: Hyundai Motor

Tarun Garg, Director and Chief Operating Officer of Hyundai Motor India, said: "We have always been committed to absorbing rising costs as much as possible, ensuring the impact on consumers is minimized. However, with the continuous increase in operating expenses, it is now necessary to pass on some of the cost pressures through a slight price adjustment. This price adjustment will take effect in April 2025. We will continue to make internal efforts to minimize the impact on future customers as much as possible."

Previously, Maruti Suzuki India, Kia India, and Tata Motors have also announced that they will increase vehicle prices starting next month.

On March 15, Hyundai Motor India announced that in February this year, its total vehicle shipments decreased by 3% to 58,727 units, compared to 60,501 units in the same period last year; the shipment to domestic dealers in India was 47,727 units, a 5% decrease from 50,201 units in the same period last year; export sales were 11,000 units, higher than 10,300 units in the same period last year.

Tarun Garg stated: "Regarding domestic sales in India, despite geopolitical challenges, we remain optimistic about the tax reforms and improved liquidity proposed in the 2025 Indian federal budget, believing that these will boost demand in the Indian auto market." He added that by optimizing exports, Hyundai Motor India will continue to solidify its position as a key export hub for Hyundai Motor Company.

Currently, Indian automakers are facing cost increase pressures, mainly due to three factors: the continuous rise in commodity prices, high import tariffs on raw materials, and adverse effects such as supply chain disruptions.