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Price Hike: Hyundai’s Cheapest Car Now Costs Rs. 5.7 Million

Hyundai Nishat Motors Private Limited (HNMPL) has taken its turn in increasing the prices of its vehicles. The company has increased the prices by up to Rs. 500,000, after which, its cheapest car now costs Rs. 5.7 million.

Effective immediately, the new prices are as follows:

Models Old Price (Rs.) New Price (Rs.) Increase (Rs.)
Tucson GLS Sport FWD 6,899,000 7,399,000 500,000
Tucson Ultimate AWD 7,399,000 7,899,000 500,000
Elantra GL 1.6 5,299,000 5,699,000 500,000
Elantra GLS 2.0 5,699,000 6,099,000 400,000
Sonata 2.0 8,199,000 8,649,000 500,000
Sonata 2.5 8,899,000 9,399,000 500,000

Following the recent spike in dollar value, prices of various products including cars have gone out of control. Automakers are blaming the government for the industry’s stalled operations. This is mainly due to the non-issuance of letters of credit needed to import cars and car parts.

Toyota Indus Motor Company (IMC) has, once again, halted its production for two weeks due to an inventory shortage. The company will resume operations on February 15 on a single-shift basis.

The slump in the auto industry is creating difficulties for consumers and carmakers, forcing them to cut production as well as their resources to cope with the situation.

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