Hyundai Nishat Motors Private Limited (HNMPL) increased the price of the Hyundai Elantra and Sonata in Pakistan a few days after raising the price of the Hyundai Tucson due to the constant depreciation of the Pakistani Rupee (PKR) against the US Dollar (USD), with the local currency falling to a record low of Rs. 229.88 on July 25.
“In the current macroeconomic situation, the severe devaluation of the PKR against the US Dollar has significantly increased the cost of inputs, including CKD costs for HNMPL, and we are compelled to pass on a portion of the burden to customers,” the firm stated in a notification.
Hyundai Elantra & Sonata prices increased! 👀#hyundainishat #hyundaipakistan #mywheels pic.twitter.com/mcAxrl4tk1
— MyWheels.PK (@MyWheelsPK) July 25, 2022
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Furthermore, the company stated that it was modifying its freight and insurance charges as a result of the increase in fuel prices. “In addition, with effect from July 1, 2022, Capital Value Tax (CVT) must be collected as per Government of Pakistan (GOP) order, as well as updated Withholding Taxes (WHT) at applicable rates,” it added.
According to the notification, the new price of the Hyundai Elantra 1.6 in Pakistan is Rs. 5,099,000 (including CVT), an increase of Rs. 757,010 from the previous rate of Rs. 4,341,9900, while the updated price of the Hyundai Elantra 2.0 is Rs. 5,499,000 (including CVT), an increase of Rs. 500,510 from the previous rate of Rs. 4,998,490.
According to the notification, the new price of the Hyundai Sonata 2.0 in Pakistan is Rs. 7,899,000 (including CVT), an increase of Rs. 830,010 from the previous rate of Rs. 7,068,990, and the updated price of the Hyundai Sonata 2.5 is Rs. 5,499,000 (including CVT), an increase of Rs. 571,510 from the previous rate of Rs. 7,927,490.
Meanwhile, Toyota Indus Motor Company (IMC) has reportedly decided to discontinue vehicle production in Pakistan due to the negative impact of the current economic crisis and the company’s ability to obtain Letters of Credit (LCs) from the State Bank of Pakistan (SBP) for the import of Completely Knocked Down (CKD) kits.
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