Two-wheeler market leader Hero MotoCorp and Hyundai have also confirmed that prices of its two and four wheelers selling in India will be hiked with the start of 2020.
The bike manufacturer on Monday said it will increase prices of its motorcycles and scooters by up to Rs 2,000 from January. Whereas Hyundai shared its official statement on Tuesday, without sharing the exact price hike details for its different car models.
The price increase will be across range of two-wheelers and exact quantum of the hike will vary on the basis of model and specific market, Hero MotoCorp said in a statement. It, however, did not specify reasons for the plan to hike prices.
Meanwhile, Hyundai cited the reason for hike on the account of rise in input and material costs.
Hero MotoCorp currently sells a range of motorcycles and scooters priced between Rs 39,900 to Rs 1.05 lakh in the country. While Hyundai has a range of cars from hatchback, to sedan, compact SUV and even an electric vehicle.
Last week the country's largest car maker Maruti Suzuki India had announced that would hike prices of its vehicles from January to offset rising input costs.
These are unlikely to be the only companies adopting price hikes in a month’s time. Other car manufacturers such as Toyota, Mahindra & Mahindra and Mercedes-Benz said they were also contemplating a similar move, and are likely to confirm it in the coming days.
Interestingly, Honda Cars India has pointed out it would not increase vehicle prices in January, but their products will see rise in prices when BS-VI compliant models are introduced in the market.
(With PTI inputs)
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