Few days after raising price of Hyundai Tucson, Hyundai Nishat Motors Private Limited (HNMPL) have increased the price of Hyundai Elantra and Sonata in Pakistan because of the constant devaluation of Pakistani Rupee (PKR) against the US Dollar (USD) as the local currency falls to a record low of Rs. 229.88 on July 25.
“In the current macroeconomic situation with significant depreciation of PKR to US Dollar has considerably increased the cost of inputs including CKD prices for HNMPL and we are forced to pass on the partial impact to the customers.” said the company in a notification.
Furthermore, the company said that it was also revising the freight and insurance rates of their products because of the increase in fuel prices. “In addition, Capital Value Tax (CVT) with effect from July 01, 2022 also needs to be collected as per Government of Pakistan (GOP) direction as well as revised With Holding Taxes (WHT) as per applicable rates.” it added.
Hyundai Elantra Price in Pakistan
| Variant | Current Price (PKR) | New Price (PKR) | Difference (PKR) |
|---|---|---|---|
| Elantra 1.6 | 4,341,990 | 5,099,000 | 757,010 |
| Elantra 2.0 | 4,998,490 | 5,499,000 | 500,510 |
According to the notification, the new price of Hyundai Elantra 1.6 in Pakistan is Rs. 5,099,000 (including CVT) compared to the old rate of Rs. 4,341,9900 after an increase of Rs. 757,010, while the updated price of Hyundai Elantra 2.0 is Rs. 5,499,000 (including CVT) with an increase of Rs. 500,510 from the old rate of Rs. 4,998,490.
Hyundai Sonata Price in Pakistan
| Variant | Current Price (PKR) | New Price (PKR) | Difference (PKR) |
|---|---|---|---|
| Sonata 2.0 | 7,068,990 | 7,899,000 | 830,010 |
| Sonata 2.5 | 7,927,490 | 8,499,000 | 571,510 |
According to the notification, the new price of Hyundai Sonata 2.0 in Pakistan is Rs. 7,899,000 (including CVT) after an increase of Rs. 830,010 from the old rate of Rs. 7,068,990, while the updated price of Hyundai Sonata 2.5 is Rs. 5,499,000 (including CVT) from the old rate of Rs. 7,927,490 after an increase of Rs. 571,510.
Meanwhile, Toyota Indus Motor Company (IMC) has reportedly decided to shut down production of vehicles in Pakistan as a result of the negative impact arising from the current economic crisis and the company’s ability to obtain Letter of Credits (LCs) from the State Bank of Pakistan (SBP) for the import of Completely Knocked Down (CKD) kits.
Read more: Toyota To Shut Down Production in Pakistan For Indefinite Period.
