South Korean automaker Hyundai has surprised its customers with a substantial price increase for several of its luxury car models.
This move affects vehicles like the Hyundai Venue, Hyundai Verna, and Hyundai Tucson. Notably, these models were introduced within the past year, making the price hike a significant change.
The company cites adjustments in costs and market dynamics as reasons for the increase, with the impacted models seeing price hikes of up to Rs 48,000.
Price Hike Details:
Hyundai Venue: Launched as a subcompact SUV in June of the previous year, the entry-level variant’s price has been raised by Rs 5,000.
The initial price of Rs 7.53 lakhs (ex-showroom) has now been adjusted to Rs 7.77 lakhs (ex-showroom).
The Venue is powered by a 1.2-litre Kappa petrol engine paired with a 5-speed manual gearbox.
Hyundai Verna: A sedan offering by Hyundai, the Verna was introduced in March of the current year with an initial price of Rs 10.89 lakh.
While the price of the base variant (EX model) has seen a slight increase to Rs 10.96 lakh, other variants remain unaffected by the price adjustment.
Hyundai Tucson: Among the models experiencing the most significant price adjustments, the petrol variant of the Tucson has witnessed a price increase of approximately Rs 48,000, while the diesel variant’s price has risen by Rs 47,900.
The Tucson was launched in August of the previous year at a starting price of Rs 27.69 lakh.
Reasons Behind the Price Hike: Hyundai cites factors such as changing cost dynamics and market trends as the driving forces behind the decision to increase prices.
The company acknowledges the need to adapt to these dynamics while delivering high-quality vehicles to its customers.