Hyundai Motor to hike prices
13 July 2006

Hyundai Motor India (HMIL) recently announced that it will hike prices of all Hyundai models, including the flagship 'Santro Xing', within end this month due to surge in the oil prices which has lead to freight and logistical costs and also, prices of raw materials like plastic and rubber have also risen in the recent past, pushing up production costs.

The HMIL Managing Director, Heung Soo Lheem, said the company had been absorbing the hike in production costs for some time, however, it has come to a point where rise of prices of the vehicles have become inevitable.

The price increase would be in range of 1%-2% increase in the prices of the most entry-level compact cars. This price hike would also affect the prices of Hyundai vehicles in Nepal.