Hyundai Nishat Increases Car Prices in Pakistan AGAIN!
The news of Hyundai Nishat increasing the prices of its cars was imminent as most automakers have jumped on the price hike bandwagon. Escalated freight charges, growing inflation in the country, the semiconductor chip crisis, and the rapid devaluation of the Pakistani rupee against the US dollar are the reasons behind the periodic price hikes.
This is the third price hike since the start of the year which has left prospective car buyers agitated and infuriated. The continuous price hikes have led many to believe that the future of car ownership is bleak in Pakistan.
Those belonging to the middle and lower classes cannot fathom how they’ll be able to afford a personal vehicle in the coming years.
Here is a complete list of the new prices that Hyundai Nishat has announced recently:
Hyundai Sonata 2.5 currently costs Rs. 7,849,000 as compared to the previous price of Rs. 7,749,000, meaning it saw an elevation of Rs. 100,000.
Moreover, Hyundai Sonata 2.0 observed a price amplification of Rs. 140,000, and its current price is Rs. 6,999,000. Previously it used to cost Rs. 6,859,000.
According to Pakistan Automotive Manufacturers Association (PAMA), In April, Hyundai Sonata sold 293 units which were 17% more than the units sold in March i.e. 250. This comes as no surprise as the popularity of Sonata is continually growing in Pakistan. Due to its luxe sporty look and specs that are not offered by the big three, Sonata will continue to thrive in the Pakistani auto market.
Hyundai Elantra 2.0
The new price of the Hyundai Elantra is Rs. 4,949,000. Its previous price was Rs. 4,799,000. Thus, it has seen a price jump of 150,000.
According to Pakistan Automotive Manufacturers Association (PAMA), In April, Hyundai Elantra sold 240 units which were 33% less than the units sold in March i.e. 357. After the price hike, let’s see what the future holds for the Porter Range.
The Porter Range
The Hyundai Porter range is aimed at small business owners who require a versatile and reliable truck to facilitate their daily operations as it offers easy loading and unloading.
The old price of Porter-High Deck was Rs. 2,799,000. But after a price elevation of Rs. 150,000, its current rate is Rs. 2,949,000.
Currently, Hyundai Porter-Flat Deck costs Rs. 2,929,000 whereas its previous rate was Rs. 2,779,000. The price difference between the new and old price is Rs. 150,000.
Furthermore, Hyundai Porter-Deckless has seen a price increase of Rs. 150,000. Thus its current price is Rs. 2,909,000 as compared to the old rate of Rs. 2,759,000.
According to Pakistan Automotive Manufacturers Association (PAMA), In April, Hyundai Porter sold 201 units which were 63% more than the units sold in March i.e. 123. After the price hike, let’s see what the future holds for the Porter Range.
Car Sales Down by 18%
After various automakers' numerous and continual price hikes, car sales went down by 18 percent in April! This report was released by the Pakistan Automotive Manufacturers Association (PAMA) which states that a total of 22,370 cars were sold in April as compared to the 27,131 sales in March, there is a decline of 18%.
Due to repeated increases in car prices, consumers are opting for more price-efficient cars. For example, the sales of Suzuki Cultus increased by 470%! In March it sold a mere 306 units, whereas in April it sold 1745 units.
Let’s see what the future holds for Hyundai Nishat sales as most of its lineup is targeted at upper-middle and higher strata.