Steel, fuel costs push carmakers to hike prices

Indicating the end of the festive season, Hyundai Motors on Wednesday raised prices of its popular Santro and Accent models, while the biggest car manufacturer Maruti Udyog Ltd and European auto major Skoda Auto India said they were considering raising prices from January 2005.

All the manufacturers said the price increases were meant to meet environmental compliance costs and to beat the rising prices of steel and fuel.

Hyundai President B.V.R. Subbu said his company’s sedan, the Accent GLE will cost Rs 6,000 more and the Santro Rs 8,000 more beginning Thursday.

Hyundai had last raised prices by Rs 10,500 on its Santro and Sonata models. Maruti and Skoda did not say how much their prices were going up.