Mumbai
South Korea's Hyundai Motor Co plans to raise the prices of its car models in India by up to Rs 30,000 ($448.60) starting in January, its local unit said, citing challenging market conditions.
Shortly after the Korean carmaker announced its plans, India's biggest carmaker by sales, Maruti Suzuki also said it plans to raise prices of its cars by up to Rs 20,000 ($300), starting Jan. 1, to offset cost increases and unfavourable foreign exchange rates.
"We are constrained to consider the price increase on account of factors like increase in cost of components, weak rupee etc," Rakesh Srivastava, senior vice president of sales and marketing at Hyundai Motor India Ltd, said in a statement.
Hyundai's plans come a week after German carmaker BMW said it would raise the prices of its BMW- and Mini-branded cars sold in India by up to 3 percent starting next year.
Hyundai is India's second-largest carmaker by sales and the country's largest exporter.
India's car market, the world's sixth largest, is expected to grow to the number three position by 2020 as incomes rise. plans to raise prices of its cars by up to Rs 20,000 ($300), starting January 1, to offset cost increases and unfavourable foreign exchange rates.
