Petrol Stop - Hyundai, Toyota to increase car prices

Hyundai, Toyota to increase car prices

Thursday, 26 August 2010

27 August 2010;dailypioneer.com:New Delhi Unable to absorb further rise in input costs, some carmakers have decided to increase the prices of their products. While Hyundai Motor said it would be hiking prices of its products from September, Toytota said it would the same from October. "Input cost pressure is very high and the yen fluctuation is also affecting us. We will review the prices of our products in October," Toyota Kirloskar Motors Deputy Managing Director (Marketing) Sandeep Singh said. He, however, declined to give any range of the expected price increase. Earlier in the day, Hyundai Motor India said it would be increasing the prices of its products by up to 1.2 per cent across all models, from the 1st of September 2010. This increase is attributed to the increase in input costs. Announcing the hike in prices, Hyundai Motor India Director, (Mktg. & Sales) Arvind Saxena, said: "There has been an increase in the input costs for car manufacturers. We have tried to absorb as much of the cost as we can, to cause as less inconvenience as possible to our valued customers. "