Hyundai Motor India plans to hike the prices of its passenger vehicles by around 2 per cent in the coming months.The price hike decision has come about following the steep rise in component prices like tyres and steels. The car maker sources 25 per cent of its steel from India and the rest from South Korea and Japan.
Hyundai latest model in India is the i10 Kappa and the company decides to hike the price of the i10.The company has been facing tough situation following the global melt down, it had to put nearly 25 per cent of its export orders on hold. Hyundai which had been hoping for a mega US foray with put off the lauch due to homologation issues.Export orders have been set aside following dealers in South Africa, Colombia and Iceland urging for a hold on shipments. However, it is now keen on markets such as Australia and New Zealand.