(Reuters) -Hyundai Motor India, the country’s No.2 carmaker by market share, will increase prices by up to 3% from April due to higher raw material and operational costs, it said on Wednesday.
The price hike will vary depending on the model, the company said.
Earlier this week, Maruti Suzuki and Tata Motors also raised the prices of their cars, citing rising input and operational expenses.
This is Hyundai’s second price hike since its initial public offering (IPO) in October. It raised prices by up to 25,000 rupees ($289.62) across models in December.
Indian automakers are seeing higher costs due to rising commodity prices, elevated import duties on raw materials, and supply chain disruptions.
($1 = 86.3190 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Sonia Cheema)
