Hyundai Motor India Limited (HMIL) has announced a forthcoming increase in prices across its range of models, set to take effect from January 1st, 2024. This decision is expected to impact the Indian automobile market significantly. The move comes as a response to mounting expenses in production, including higher input costs, unfavorable exchange rates, and a surge in commodity prices, underscoring the financial challenges faced by the automotive sector.

The price hike is directly attributed to various external economic factors cited by HMIL. A volatile global economic landscape has led to a consistent upward trend in input costs. Additionally, fluctuations in exchange rates and an uptick in commodity prices have contributed to increased operational expenses for the company. Despite efforts to absorb these rising costs, the situation has reached a point where an adjustment in prices has become inevitable.

Tarun Garg, Chief Operating Officer of Hyundai Motor India, acknowledged the circumstances, expressing, "At Hyundai Motor India, we continuously endeavor to absorb rising costs to prioritize our customers’ satisfaction. However, the current economic conditions compel us to implement a slight price adjustment to partially offset these increased input costs." He further assured the company’s commitment to mitigating future price impacts on customers through ongoing internal initiatives.

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