Hyundai Motor India (HMI) has said it will increase the prices of vehicles across models by up to 2% to offset rising input costs.

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“We have been absorbing increase in input costs but now we have decided to pass it marginally to customers. From January onwards, there will be an increase in prices of vehicles by 1.5-2%,” HMI sales and marketing director Arvind Saxena told Press Trust of India.

The company’s announcement cames a day after General Motors India said it would hike prices by up to 2.5% across models, effective from January 2011, due to rising input costs.

“We will be increasing the prices of our models between 1.5 and 2.5% from January first week next year to offset rising input costs,” General Motors India (GMI) vice-president P Balendran had said.

Automakers have previously announced in December a pending new year price hike to boost sales.

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