Hyundai announces rise in car prices due to education cess

New Delhi, Mar 1 (UNI) Hyundai Motor India Ltd, India's second largest car manufacturing company, today confirmed that it will hike prices of its cars across all variants, because of the one per cent additional education cess announced in the Union Budget yesterday.

The company said that the increase in price would be effective from ''sometime around the middle of the month although the exact quantum of increase is being worked on.'' ''Due to a one per cent increase in education cess in the Union Budget, Hyundai cars will cost more to the end consumer,'' Hyundai Motor India Managing Director H S Lheem said.

''But we have a big list of pending booking and we don't want to penalise our customers whose booking we are holding so we will absorb the cost for all these customers. But once we clear this backlog we will unfortunately have to revise our prices,'' he added.

UNI