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After Lucky Motor Corp increased prices of its KIA-brand vehicles, Hyundai Nishat Motors also jacked up the rates of its Tucson variants by Rs1.1 million with rupee's fall being cited as the major reason.

The new price of Tucson's FWD variant is Rs6,899,000 (earlier price was Rs5,799,000) while the Tucson's AWD is now at Rs7,399,000 (earlier rate of Rs6,299,000).

The company will take bookings on full payment and, according to a sales agent, delivery is expected in August and would not exceed 60 days.

Earlier, citing rupee devaluation, Lucky Motor announced an increase of its KIA-brand car prices with effect from July 19 with the increase going as high as Rs1.1 million.

The company said that it was due to the continuous fall of the rupee against the dollar that has compelled them to increase prices.

“Kia and Hyundai have taken the initiative to increase car prices but the rest of the automakers will follow too,” said Sunny Kumar, Research Analyst at Topline Securities.

“The last pricing most of the carmakers did was when the dollar stood at Rs185. It has now crossed Rs225. The price hike was imminent and announcements from other automakers could be expected anytime now.”

Kumar said that the auto industry claims that the cost component of imported items is around 50% and 60% on average, but the raw material such as auto-grade steel and plastic raisins of the localised parts has also been imported. "Therefore, the industry is highly sensitive to exchange rates."

At the sidelines of the Peugeot 2008 launch in March, Lucky Motor Corp CEO Asif Rizvi had admitted that the auto industry mostly uses imported material and localised parts also have a high level of imported components.

Automakers generally defend this by arguing that allied industries such as auto-grade steel producing companies have not been established in the country.

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Comments are closed.

Nadeem Mufti Jul 23, 2022 12:16pm
All must restrain to buy any new car, keep old cars update, till Govt.and mfg. Cartels end.
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M Atiq Jul 23, 2022 01:27pm
Car companies are blackmailing customers they have taken whole payments of car 1.5 months before now they are making lame excuses.i m also the victim Hyundai company despite the availability of vehicle did not deliver to customers to get unlawful profit by price increase.
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M Atiq Jul 23, 2022 01:29pm
Hyundai motor and other companies are doing fraud with customers they took whole amount and not deliver vehicles in time to get unlawful profit.
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Adnan Yakub Jul 23, 2022 06:31pm
Right from top to bottom, there is nothing lawful, everything is unlawful. From top, govt unlawful, neutrals are unlawful consider themselves, knows everything, but they don't know anything, they consider themselves,economist, political champion but zero. They are Jack of all master of none. Judiciary works after getting instructions from neutrals. Total system is collapsed to please uncle SAM.
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Adnan Yakub Jul 23, 2022 06:35pm
No control on dollar, no control on govt, no control on politics,no control on anything. A failure state. Haji sahib,look busy doing nothing,. He should go to U.S to perform haj. Sold nation.
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Syed Jul 25, 2022 09:29am
For a country that had always been in a broken state, what justifies even having a vehicle in market that cost more than 5 or 6 Crore rupees. Did all infusion of imf loan used by private banks to lend credit or is it just on cash black money.
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Mr Azam Jul 26, 2022 11:32am
@M Atiq , Go for KIBOR claim
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