New DelhiHyundai 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 increase in raw material costs, expensive exchange rates and increase in logistics costs.
Tarun Garg, Whole-time Director and Chief Operating Officer, HMIL, said, “After the continuous increase in the cost of raw materials, it has now become necessary to bear some part of it through mild changes in prices.” Will be applicable on all models and its limit will be up to Rs 25000. The increase in prices will affect all models of 2025. Garg said the company has always made “every effort to absorb rising costs ourselves, so that the impact on our customers is minimal.” Currently, HMIL's various vehicle ranges are priced between Rs 5.92 to Rs 46.05 lakh. .
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tie up with IIT
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 it is expected to invest $7 million in five years. The South Korean group, which has presence in many sectors including automobiles, has tied up with IIT Delhi, IIT Bombay and IIT Madras.
Hyundai Motor Group plans to invest approximately $7 million over five years from 2025 to 2029 to jointly conduct research related to batteries and electric vehicles (electrification) with IIT. As part of the collaboration, a Hyundai Center of Excellence (CoE) will be set up at the IIT Delhi campus, the group said in a statement. 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 advancements in batteries and electrification, which is specifically designed to meet the specific needs of the Indian market.
Tags: business news
FIRST PUBLISHED: December 5, 2024, 13:01 IST