Korean car maker, Hyundai Motors, has announced hike in prices of its models up to Rs 14,636, in a bid to mitigate the impact of increase in input costs. Country's second largest car maker after Maruti Suzuki maintains that price hike is a timely step to cover losses due to rising input costs.

The decision makes Santro, i10 and Accent models dearer in the range of Rs 3,601 to Rs 14,636. However, prices of i20 and Santro are not revised and both would come under introductory price scheme.

Recently, Maruti Suzuki, Honda Siel, Toyota Kirloskar and Ford Motor India also announced price hike on the same grounds. The car manufacturers also cited rise in import duty as a reason to increase prices as they use a number of imported contents in the manufacturing process.

Leading passenger and commercial vehicle makers had slashed vehicle prices following 4 per cent central excise duty cut announced by government under the special economic booster package in December. However, the package remained fail to provide stability to vehicle prices with manufactures has started to increase prices of various variants.