The country's second largest car maker Hyundai Motor India has recently said that the company will soon be announcing a price hike in the Indian market on the back of the rising input costs.

Hyundai Motor India Director (Marketing and Sales) Arvind Saxena recently said that there will be a hike that will be announced from the door of the company.

However, he refused to give any further details about the same saying that the company is still under the evaluation stage. It may easily be recalled that its arch rival and market leader Maruti Suzuki India had raised the prices of its various models, except Alto, by up to Rs 7,500 citing a sharp increase in input costs with immediate effect.

It is to be mentioned here that prices of the integral commodities like tyres are increasing gradually due to hardening of natural rubber rates. Moreover, the steel prices have also put additional pressure on the original equipment manufacturers.

As the price of natural rubber has literally gone out of control, tyre producers of the country have raised their product rates by about 10 per cent in this year so far.