After Maruti and Honda Siel, Hyundi motors tunred up with an announcement to increase car prices by 2% to factor in high input costs. Hyundai motor is the country's second biggest car maker. This price hike wil be effective from first week of the next month.
Prices of steel which is the main input in cars, have risen both in India and rest of the word is forcing automobile makers to raise prices. Maruti and Honda Cars are among the first one to show this impact in global rise in in steel prices.
Senior Vice-President Marketing and Sales Arvind Saxena said "There has been an increase in the input costs and we have been absorbing it for a while. The situation now is such that we have to pass some parts of it to the consumers"
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