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Business & Finance

More car manufacturers increase prices over FED impact

  • Decision comes after the Finance (Supplementary) Act, 2022 was enforced
Updated 24 Jan, 2022

Following Pak Suzuki, Honda Atlas, and Indus Motor Company, other automobile companies including Hyundai, KIA, Changan, and Prince-DFSK also increased their car prices, confirmed multiple dealerships to Business Recorder.

The development comes a week after the government increased Federal Excise Duty (FED) on cars through the Finance (Supplementary) Bill 2022.

Finance (Supplementary) Act, 2022 enforced

Following are the revised prices of all major car manufacturers:

Hyundai Pakistan

Hyundai increased its car prices to the tune of Rs400,000. Here are the revised prices of each variant.

Elantra

The company jacked up the car’s price by Rs400,000. The new price of Elantra GLS will be Rs4,399,000, against the old price of Rs3,999,000.

Sonata

Sonata’s 2.5L variant has seen an increase of Rs250,000 due to the FED impact. Its price has gone up from Rs7,499,000 to Rs7,749,000. Meanwhile, the 2.0L variant has also seen a surge of Rs360,000, taking the price to Rs6,859,000, compared to the old price of Rs6,499,000.

Honda Atlas increases car prices due to 'FED impact'

Tucson

Both variants, Forward-Wheel Drive (FWD) GLS Sport and All-Wheel Drive (AWD) Ultimate have witnessed a price surge of Rs370,000 and Rs330,000, taking their new rates to Rs5,549,000, and Rs5,999,000, respectively.

KIA Pakistan

Lucky Motor Corporation (LMC), formerly known as KIA Lucky Motor, also revised the prices for most of its models except the slow-selling Sorento. Both variants of the car are being sold at a discounted rate of Rs7,499,000.

Picanto

Kia Picanto AT has seen the highest price hike of Rs142,000. The mini hatchback is now priced at Rs2,292,000 against the old rate of Rs2,150,000. Its manual version has seen a price hike of Rs136,000, taking the price tag to Rs2,186,000 against the old price of Rs2,050,000

Sportage

The price of KIA Sportage’s AWD variant has now gone from Rs5,650,000 to Rs5,788,000, with a price hike of Rs138,000. The price of the FWD version has gone up to Rs5,276,000.

Stonic

The prices of Stonic EX and EX+ have witnessed a hike of Rs90,000 and Rs95,000, respectively. They now cost Rs3,750,000, and Rs3,975,000.

Changan

With up to a five percent FED increase on different Changan cars, their prices have surged by up to Rs130,000.

The revised car prices are as follows:

Alsvin

Alsvin 1.3L MT Comfort has seen a price hike of Rs65,000. The new price is Rs2,489,000, against the old rate of Rs2,424,000.

Pak Suzuki increases car prices 'owing to mini-budget'

The prices of Alsvin 1.5L DCT Comfort and Alsvin 1.5L DCT Lumiere have increased by Rs70,000, and Rs75,000 each. Their new prices are Rs2,744,000, and Rs2,939,000, respectively.

Karvaan

The Karvaan base variant is now Rs120,000 costlier. It costs Rs1,794,000, against the old rate of Rs1,674,000. The price of Karvaan Plus model has reached Rs1,944,000, after an increase of Rs130,000.

M9

The prices of Changan M9 are unchanged. It has the same price tag as before, i.e., Rs1,509,000.

Prince-DFSK

After the mini-budget, the prices of different variants of DFSK have increased by Rs120,000.

Glory 580

The base variant Glory 580 1.5L CVT now costs Rs4,649,000, against the old price of Rs4,539,000 with an upward revision of Rs110,000. The price of 1.8L CVT has surged Rs111,000, taking the car’s price to Rs4,800,000 from the old price of Rs 4,689,000.

Pearl

The price of Prince Pearl surged by Rs35,000, pushing its rate from Rs1,299,000 to Rs1,334,000.

K07

Prince K07 price increased to Rs1,749,000, with a jump of Rs110,000. Itss old rate was Rs1,639,000.

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