Asia Bizz: South Korean car manufacturing giant Hyundai Motors India has said that its car will be made expensive by 1.5 to 2 percent. The increased prices of the car will starting from January 2012.

The company stated that high inflation and steep depreciation in the value of the rupee are the key reasons for the hike in car prices. The announcement by Hyundai came after some of the other leading car manufacturers in India announced that they will be increasing the prices of the cars from the month of January, 2012.

Some of the other companies that will also be increasing the prices include GM, Toyota and Ford. Hyundai announced the price hike in a statement released on December 7, 2011.

Arvind Saxena, the HMIL director of marketing and sales said that the prices will increase and will take effect from January 2012. Saxena added that they are at present working out on the specific increase on the various models. In the month of November 2011, Hyundai sold a total of 57,080 units of its cars in the Indian market.

Hyundai at present is the second largest car maker in India and also has a strong hold on the various segments in the market.