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|
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.