It is a regular start of the year practice for the car companies to give a price hike to their major selling products. Maruti Suzuki, Hyundai, and KIA have in some way announced the price hike that going to be taking place starting from 1st January 2021. It is because of the change in Exchange rates, material cost, and many other factors that change in accordance with time.
Maruti Suzuki is the leading car manufacturer in the Indian market owing to a share of 50% in the Indian automotive sector. The company has announced a price hike for certain models. However, the exact hiked prices are still unknown and that may be revealed at the starting of the year. The company has always made a price increment at the start of the year the same goes for the current year where the incremental changes were made in January 2020. From the reports coming out in the market the increase in price this year will be significantly higher than the previous one.
Hyundai motors come second in place in the Indian car market after Maruti Suzuki India Ltd owing a share of 16.2% in the Indian market. The company has now announced a price revision to all its currently ongoing cars. The revision is said to be in action starting from the 1st of January 2021. The hiked prices would vary depending on the car, fuel type, and feature variant accordingly. The exact price change is still unknown as the company hasn’t revealed the exact numbers. But this is a practice company usually make to boost their year-end sales as no one will be willing to pay higher for the same car.
Kia Motors is a subsidiary of Hyundai motors that together form the Hyundai motors group. As walking on the same path as its parent company Kia has also announced a price hike starting this January 2021. The hike is meant to be effected only on the Sonet and the Seltos. The MPV Kia carnival will remain unaffected by the hike the reason may be the low sales figures show by the car. The price hike is said to be of considerable amount. However, the exact numbers are still unknown. Currently, both the cars are performing very well in the Indian market and are expected to stay this way after the hike too.