Hyundai Motor India Limited has announced an increase of up to Rs 25,000 in the prices of its different models of vehicles from January 1, 2025. Hyundai Motor India Limited (HMIL) said in a statement, that the price increase has become necessary due to the increase in the cost of raw materials, expensive exchange rate, and increase in logistics cost.
Tarun Garg, full-time director and Chief Operating Officer of HMIL said, “After the continuous increase in the cost of raw materials, it has now become necessary to bear some part of it through a slight change in prices.”
He said that this price increase will apply to all models and its limit will be up to Rs 25000. The price increase will affect all the models of 2025. Garg said that the company has always made every effort to “bear the rising cost on its own so that it has the least impact on our customers.” Currently, the price of various vehicle series of HMIL ranges from Rs 5.92 to Rs 46.05 lakh.
Hyundai Motor Group has tied up with three Indian Institutes of Technology (IITs) to accelerate research in the field of batteries and electric vehicles. The company said on Tuesday that an investment of $7 million is expected in five years. The South Korean group, which has a presence in many sectors including automobiles, has tied up with IIT Delhi, IIT Bombay, and IIT Madras.
Hyundai Motor Group plans to invest about $7 million over five years from 2025 to 2029 to jointly conduct research related to batteries and electric vehicles (electrification) with IITs. The group said in a statement that under the collaboration, the Hyundai Center of Excellence (COE) will be set up at the IIT Delhi campus.
It will be operated through the sponsorship of Hyundai Motor Group. He said that the primary objective of the Hyundai Center of Excellence is to advance advances in batteries and electrification, which is specially designed to meet the specific needs of the Indian market.