NEW DELHI: India’s second-largest carmaker Hyundai Motor India Ltd (HMIL) on Thursday said it will increase prices across its model range from January 2023. It said the price hike is due to a rise in input cost.
“The company has continued to absorb the rising costs, however, will now pass on a part of the input cost increase through a revision in prices across its model range. HMIL will continue to make consistent internal efforts to minimize price impact on customers. New prices for HMIL model range come into effect from January 2023,” HMIl said in a statement.
Japanese car maker Honda also is planning to raise prices of its entire model range by up to Rs 30,000 from January to partially offset the impact of rising input costs and prepare products in compliance with upcoming stricter emission norms.
“After assessing the consistent increase in input cost and upcoming regulatory requirements, we will have to undergo a price revision for our products from January 23. The increment will be in the range of up to Rs 30,000 and vary from model to model,” said Honda Cars India vice-president (sales and marketing) Kunal Behl.
As per the second phase of BS-VI emission regulations, to be effective from April 2023, vehicles will need to have an onboard self-diagnostic device to monitor the real-time driving emission levels.
The device will constantly monitor key parts for meeting emission standards such as catalytic converter and oxygen sensors to keep a close watch on emissions. Additionally, in order to control the level of fuel burnt, the vehicles will also carry programmed fuel injectors.