Hyundai Increased prices of Elantra and Sonata model cars due to dollar fluctuations. Earlier Toyota and Suzuki reduced their car prices but now Hyundai does not seem to decrease its prices.
With effect from October 1, 2022, Hyundai-Nishat has announced price increases of up to Rs 400,000 for its sedan models, the Sonata and Elantra 2.0L.
As of the right moment, the Elantra 1.6L’s price is the same as that of the other cars in the lineup.
The company had earlier raised the cost of its cars in July, but when the rupee’s value against the US dollar recovered in August, it refused to lower the pricing.
Hyundai Pakistan insisted they had not raised their rates by as much as the industry standard of up to 24%.
The same attitude was taken by Lucky Group-affiliated Hyundai sibling firm Kia, which gave the same justifications.
Hyundai’s Increased Prices are:
|Models||New Price||Old Price||Difference||Change|
|Sonata 2.5L||Rs 8,899,000||Rs8,499,000||Rs400,000||4.7%|
|Sonata 2.0L||Rs 8,149,000||Rs7,899,000||Rs250,000||3.2%|
|Elantra 2.0L||Rs 5,699,000||Rs5,499,000||Rs200,000||3.6%|
The Elantra 2.0L and Sonata are now 15% more expensive than they were in July as a result of this hike. As per the conditions:
- No of the anticipated delivery month, the old prices are still in effect for all full payment orders of the Elantra 2.0 and Sonata (all versions) until September 30, 2022.
- If the buyer paid the balance by September 30, the former prices would apply to all partial payments for the Elantra 2.0 and Sonata (all variations) with payment due until that date, regardless of the anticipated delivery month. These orders will be subject to the new prices if not.
- These prices include FED, sales tax, and dealer commission and are ex-factory Faisalabad.
- Any price increases resulting from modifications to government fees (such as FED, CVT, etc.), tariffs, fiscal policies, import rules, etc., will be paid by the client.
Hyundai made the choice to not apply the new costs to orders regardless of the date of delivery, which could give them a short-term boost in immediate sales as consumers will try to avoid paying the higher prices starting the next month.