Hyundai Nishat Motors Private Limited (HNMPL) has increased the prices of its cars for the second time in one week. After a price hike of up to Rs. 750,000, the cheapest car in Hyundai’s lineup now costs almost Rs. 6.6 million.
Effective as of March 17, the prices of Hyundai cars are as follows:
|Models||Old Price (Rs.)||New Price (Rs.)||Increase (Rs.)|
|Tucson GLS Sport FWD||8,030,000||8,230,000||200,000|
|Tucson Ultimate AWD||8,659,000||8,859,000||200,000|
|Elantra GL 1.6||6,199,000||6,599,000||400,000|
|Elantra GLS 2.0||6,730,000||7,130,000||400,000|
The last price hike came from Hyundai on March 13, following a 7% increase in General Sales Tax (GST) for crossovers and cars with 1400CC engines or larger. The latest price hike has come out of nowhere, with the company citing no reason.
Despite the price hikes, Hyundai seems to be holding its own in terms of car sales. In February, Hyundai Nishat Motors Private Limited (HNMPL) sold a respectable 1,271 cars, recording an 11% MoM increase in sales. Once again, Tucson remained the company’s front-runner.
Although, the latest price hike may change things drastically.