Hyundai Nishat Motors Private Limited (HNMPL) has increased the prices of Elantra and Sonata. The company has cited local currency instability, increased shipping cost, and tax rate hikes as reasons for the price hike.
Effective immediately, the new prices are as follows:
| Cars | Old Prices (Rs.) | New Prices (Rs.) | Increase (Rs.) |
| Elantra GL 1.6 | 4,341,990 | 5,099,000 | 757,010 |
| Elantra GLS 2.0 | 4,998,490 | 5,499,000 | 500,510 |
| Sonata 2.0 | 7,068,990 | 7,899,000 | 830,010 |
| Sonata 2.5 | 7,927,490 | 8,499,000 | 571,510 |
Market Condition
Pakistan’s car industry is struggling due to the woes of local currency depreciation, logistical costs, tax rate hikes, and general economic instability in the country.
These issues have forced major automakers to trim their production targets in Pakistan. Toyota Indus Motor Company (IMC) has halted production for an extended time period, while Honda Atlas Cars Limited (HACL) and Kia Lucky Motor Corporation Limited (KLMCL) are moving to single-shift production schedules.
Industry reports suggest that Pak Suzuki Motor Company (PSMC) will also start observing non-production days (NPDs) in August. These steps may worsen the delivery delay issue, which could take a toll on car sales in the coming days.
