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Price Hike: Sonata Now Costs Almost Rs. 1 Crore

Hyundai Nishat Motors Private Limited (HNMPL) has increased the prices of its cars, following other automakers in Pakistan. The company has increased the prices by up to Rs. 455,000, after which, its cheapest car now costs over Rs. 5.8 million.

The new prices are as follows:

Models Old Price (Rs.) New Price (Rs.) Increase (Rs.)
Tucson GLS Sport FWD 7,464,000 7,569,000 105,000
Tucson Ultimate AWD 7,969,000 8,169,000 200,000
Elantra GL 1.6 5,749,000 5,849,000 100,000
Elantra GLS 2.0 6,154,000 6,349,000 195,000
Sonata 2.0 8,724,000 9,129,000 405,000
Sonata 2.5 9,484,000 9,939,000 455,000

Due to the dollar value inconsistency, the prices of numerous goods, including automobiles, have spiraled out of control. To make matters worse, the government has increased GST on cars by 1%.

Automakers blame the government for stalled operations of the industry due to the restrictions on LCs required for the clearance of imports. This has resulted in an inventory shortage, forcing numerous automakers to halt or decrease production for two weeks.

The recent production and sales decline is proving to be a slow poison for the local auto industry.

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