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business | IST

Another price hike inevitable, says Hyundai’s Tarun Garg

Speaking to CNBC-TV18 at the inauguration of the company's new headquarter earlier this week, Hyundai's Director for Sales and Marketing Tarun Garg said that while demand recovery has been strong, the high fuel prices and COVID-19 continue to make things uncertain.

Hyundai India has set up its new corporate headquarter at a cost of over Rs 1,000 crore in Gurgaon, Haryana.
Speaking to CNBC-TV18 at the inauguration of the company's new headquarter earlier this week, Hyundai's Director for Sales and Marketing Tarun Garg said that while demand recovery has been strong, the high fuel prices and COVID-19 continue to make things uncertain.
He also said that another price hike was on the cards due to high commodity costs.
“Commodity costs are going through the roof, whether it is steel or aluminum. Hence, we are also evaluating. So far we have managed to hold on to the prices but we understand that sometime in the future, we will have to go for a price increase. We are just looking at all the options that how much of price increase is to be done and how much cost we can absorb,” he said.
In terms of sales, he said that the company is looking at July numbers which will be closer to 2018 numbers, which is a very positive sign in terms of the demand recovery coming back.
"The company is affected due to semi-conductor shortage. At the same time, I would like to mention that our production department has been able to collaborate with the vendors and we have been able to manage it very well. So, far things have been good,” he explained.
“Our productions lines are flexible. Our demand has been very good and we had a very good product line. We had some 10-11 new launches and very strong customer demand, which is helping us to be more adaptable and flexible,” he stated.
For more, watch the accompanying video.