The Hyundai Elantra and Sonata Are Both Getting A Price Hike
May 16, 2022 / By Zunair Tahir / Automotive News
Hyundai Nishat has joined the price rise by raising the pricing of the Elantra GLS and both Sonata models, claiming higher shipping costs and local currency volatility.
The following are the new pricing, which are effective immediately:
|Car Variant||Old Prices (Rs.)||New Prices (Rs.)||Increase (Rs.)|
The Engineering Development Board (EDB) called a meeting last week with the CEOs of major local automakers, including Hyundai Nishat, to review recent pricing rises.
Before the meeting, EDB instructed the firms to present their cost structures and justifications for price increases. Only a couple of the eleven automakers volunteered their information, and the Ministry of Industries and Production (MoIP) objected strongly. The following are the new pricing, which are effective immediately:
The rate of price increases is far faster than the rate of increase in the US Dollar (USD) versus the Pakistani Rupee, according to the report (PKR). Automakers responded by claiming that increases in other operating costs have also led to price increases.
They pointed out that a freight container that used to cost $3,000 now costs $6,000, as well as rising raw material costs.
Finally, MoIP instructed the remaining firms to submit their cost structures within two days. It said that a follow-up meeting will be held soon in this respect.
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