Hyundai to up prices by June

Hyundai Motor India said on Friday it will hike prices of all models, including the flagship Santro, from this month-end because of higher input and freight costs.

"We will increase the prices of cars from this month-end as there is a lot of pressure due to higher costs of prices of inputs like plastics and rubber as well as of logistics," Hyundai India Vice-President (Marketing and Sales) Arvind Saxena told reporters in New Delhi.

He said the hike would be across the models but refused to specify the quantum of hike.

HMIL Managing Director Heung Soo Lheem said the company had been absorbing the hike in production costs for some time.

"But all that put together is too much to absorb and thus we will raise prices," he said. 

May launch one-tonne payload CV: Attracted by the demand in the mini-truck segment, Hyundai Motor India said on Friday it was considering launching a one-tonne payload commercial vehicle in the Indian market.

"We are working on feasibility studies for launching our one-tonne payload Porter in India," Hyundai India Managing Director and CEO Heung Soo Lheem told reporters in New Delhi.

The company has been selling Porter in many markets and the whopping demand in the mini-truck segment in India, tapped first by Tata Motors with its Ace, is one of the reasons pulling automakers to this space.

Tata's runaway success in the segment saw other companies, including two-wheeler maker Bajaj Auto, move towards developing one-tonne payload commercial vehicles.

Lheem said price was a 'critical question' in deciding on the launch of the vehicle in India.

"Our product is excellent but price is a critical question," he said, adding, "As and when the company decides to bring the vehicle to India, it would be manufactured locally."

Healthy economic growth as well as increase in self-employed entities would ensure excellent demand for the one-tonne segment, he said. "There will be a huge demand in this segment." 

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