A price increase for the Elantra and Sonata has been implemented by Hyundai Nishat in Pakistan.
After Lucky Motor Corp boosted prices of its KIA-brand vehicles, Hyundai Nishat Motors similarly jacked up the rates of its Tucson variations by PKR 1.1 million with rupee’s collapse being cited as the key reason.
The company will take bookings of Tucson on full payment and, according to a sales agent, delivery is planned in August and would not exceed 60 days.
KIA and Hyundai, both automobile companies have taken the initiative for price hikes, thereby compelling other companies to follow suit.
Auto industry estimates that imported parts account for between 50 and 60 percent of the total cost of a vehicle, while raw materials like auto-grade steel and plastic polymers used in localized parts are also imported. As a result, the industry is extremely vulnerable to fluctuations in exchange rates.
According to automakers, the lack of allied sectors like steel-making plants in the country is a major reason why the industry isn’t thriving in the country.
Hyundai Cars Prices Increased
In the table below, the prices of various variants of Hyundai have been displayed as announced by the company.
|Hyundai Car Variants||Old Price (PKR)||New Price (PKR)||Price Hike (PKR)|
Price Hike of Cars and the Economic Crisis
Economic crisis in Pakistan is getting worse with rupee at its lowest against USD, high fuel prices, inflation, etc. Due to all these things, companies are forced to increase the prices of their vehicles. These automobiles are continuously going out of the reach of common people. Unless the economy stabilizes, we can expect more price hikes. The price hike can be controlled only after the economy is improved and the crisis situation is managed.