Price hike alert! Santro, Elite i20, Verna, Creta and other Hyundai cars to become expensive from August - Here is why

Automobile major Hyundai Motor India has announced a price hike for some of its car models by up to Rs 9,200 from August 1. According to the company, the hike comes on account of increase in input costs due to the introduction of new enhanced safety regulations in cars by the government. The new prices will be effective from August 1, 2019 across all models, except SUV Kona Electric and connected compact SUV Venue. 

Here is a full text of the company's official statement:

Hyundai Motor India said, ''Hyundai Motor India Ltd, India’s First Smart Mobility Solutions Provider and largest exporter since inception, today announced a price increase up to Rs 9,200, on account of increase in input costs due to new enhanced safety regulations in cars by the government. The new prices will be effective from August 1, 2019 across all models, except for Kona EV and VENUE.''

As mentioned, the prices of recently launched Kona Electric and Venue will not be impacted. HMIL is the second largest car manufacturer in India and the number one car exporter since its inception in the country. 

Currently, the company offers 10 models across segments in India, including Santro, Grand i10, Elite i20, Active i20, Xcent, Verna, Elantra, Venue, Creta and Tucson. The company has also launched its first electric SUV car, Kona in the Indian market recently. 

The automobile sector is going through a tough phase with low volumes in sales and weak corporate earnings. The growth in total turnover of the automobile component manufacturing companies in India slowed down to just 14.5% from 18.3% last year.