May 27 (Reuters) – Hyundai Motor India on Wednesday said its previously announced car price hikes will now take effect from June 1, citing prevailing market conditions after holding off on a planned May increase.
The automaker will raise prices by up to 12,800 rupees ($133.71), depending on the model and variant.
“The price increase has been necessitated due to rising input costs, increased commodity prices and higher operational expenses, amongst other reasons,” the company said in a statement.
The Middle East conflict has disrupted global trade routes and energy markets, driving up prices of key inputs and pressing companies to pass on higher costs to customers.
Earlier this month, state-run suppliers raised petrol and diesel prices in response to the Iran war.
Hyundai Motor India joins peers Maruti Suzuki, Tata Motors Passenger Vehicles and Mahindra & Mahindra, which have all announced price hikes earlier.
Maruti Suzuki said its increase was due to inflationary pressures and an adverse cost environment.
($1 = 95.7300 Indian rupees)
(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)
