Hyundai, Honda, Mahindra hike prices by up to `82,906

Auto makers Hyundai, Mahindra and Honda on Friday announced price hikes of up to Rs 82,906 across their entire product range on account of new levies announced in the Union Budget. The price hike effective from March 1 will be between Rs 2,889 and Rs 82,906 depending on the model, Hyundai Motor India Ltd (HMIL) said in a statement.

The company sells a range of vehicles from entry level small car Eon with price starting at Rs 3.20 lakh to luxury SUV Santa Fe tagged at Rs Rs 30.79 lakh (ex-showroom Delhi). Commenting on the development, HMIL Senior Vice President (Sales and Marketing) Rakesh Srivastava said: "The new levies in Union Budget 2016-17 have led to price increase across the models ranging from Rs 2,889 to Rs 82,906...The change in price value equations could alter the overall demand, from with-in the segment to across the segments and fuel types." 

After the price hike, the price of base variants of Eon will be increased by Rs 2,889, i10 by Rs 3,848; Grand by Rs 4,286; Xcent by Rs 4,726; Elite i20 by Rs 4,886; Active i20 by Rs 5,857; Verna by Rs 5,677; Creta by Rs 27,192; Elantra by Rs 45,044 and Santa Fe by Rs 82,906, HMIL said. In a similar step, Honda Cars India hiked the prices of its entire product portfolio by up to Rs 79,000. It has hiked the price of its entry-level car Brio in the range of Rs 4,000 to Rs 6,000, premium hatchback Jazz between Rs 5,000 and Rs 19,500 and mid-sized sedan City from Rs 24,600 to Rs 38,100.

The company has also hiked prices of multi-utility vehicle Mobilio in the range of Rs 21,800 to Rs 37,700 and that of its premium SUV CR-V between Rs 66,500 and Rs 79,000, depending upon different variants.