New Delhi, December 5 (IANS). Hyundai Motor India Limited (HMIL) on Thursday announced a price increase of up to Rs 25,000 for all its models. The new prices will be applicable from January 1. The reason for the increase in prices is the increase in input costs.
In a statement issued by the company, it was said that the price increase will be done on all models and will be increased up to a maximum of Rs 25,000. Price rise has become necessary due to increase in input costs, unfavorable exchange rates and increase in logistics costs.
“At Hyundai Motor India Limited, our endeavor is always to absorb the rising costs to the extent possible, thereby ensuring minimum impact on our customers,” said Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL.
It further said that due to continuous increase in input costs it had become necessary to increase the prices. The price increase will come into effect from January 1, 2025.
In the April to September period of 2024, the company has sold a total of 3,83,994 units of passenger vehicles. Domestic market sales stood at 2,99,094 units with strong contribution from the SUV segment. During this period, the company has exported 84,900 units.
In November alone, Hyundai Motor India recorded total monthly sales of 61,252 units. The company’s domestic sales during the month stood at 48,246 units while export sales stood at 13,006 units.
In the second quarter (July-September) of FY25, the company’s consolidated profit has declined by 16 percent and stood at Rs 1,375 crore. The company had made a profit of Rs 1,628 crore in the same period last year. The decline in profits is due to weak sales in the domestic and export markets.
The company said its consolidated income from operations declined by 7.5 per cent to Rs 17,260 crore in the second quarter of 2024-25 from Rs 18,660 crore in the same quarter last year.
–IANS
abs/
