- Increase comes amid tough economic conditions and rupee depreciation
Hyundai-Nishat Motors on Wednesday jacked up the prices of its vehicles in the range of Rs400,000-500,000 amid tough economic conditions and rupee depreciation, according to dealers.
The new rates became effective from February 1, 2023.
The price of Elantra 1.6 and 2.0 variants has been jacked up by Rs400,000 to Rs5.699 million and Rs6.099 million, respectively.
Moreover, the popular crossover SUV Tucson AWD will now be selling for Rs7.899 million after a price hike of Rs500,000.
The company also increased prices of Tucson FWD, Sonata 2.0L and Sonata 2.5L by Rs500,000 each to Rs7.399 million, Rs8.649 million and Rs9.399 million, respectively.
The auto sector of Pakistan is witnessing a fresh round of price hikes by carmakers mainly due to recent rupee depreciation. The currency has depreciated by 23.8% against the greenback during the ongoing fiscal year.
In January, Indus Motor Company (IMC), the assembler and seller of Toyota vehicles in Pakistan, increased the prices of its cars twice.
Earlier, Honda Atlas Cars hiked prices of its entire line-up, with the increase going as high as Rs550,000.
Pak Suzuki also increased its car prices between the range of Rs115,000 and Rs355,000, citing economic uncertainties and rise in cost of production.
NBP Funds research analyst Muqeet Naeem told Business Recorder that rupee depreciation is the main reason for the recent price hikes by automobile companies.
“Increase in prices will further slow down the depleting sales for the sector,” he said.
Meanwhile, the two-wheel segment of the sector is also seeing price increase from many players including Atlas Honda. On Tuesday, the company jacked up prices of its motorcycles by up to Rs30,000, which is applicable from February 1.
Pak Suzuki has also hiked the rates of its two-wheelers with the increase going as high as Rs25,000. The new rates are effective from February 1.