Tech News, Magazine & Review WordPress Theme 2017
  • Supply Chain Updates
  • GLOBAL NEWS
  • REGIONAL NEWS
  • Industry Buzz
  • CURRENT ISSUES
No Result
View All Result
  • Supply Chain Updates
  • GLOBAL NEWS
  • REGIONAL NEWS
  • Industry Buzz
  • CURRENT ISSUES
No Result
View All Result
United States Supply Chain Management Council
No Result
View All Result
Home Supply Chain Updates

Hyundai increases car prices – SAMAA

usscmc by usscmc
November 14, 2021
Hyundai increases car prices – SAMAA
Share on FacebookShare on Twitter

Hyundai Nishat Motor (Private) Limited has increased the prices of its Sonata, Elantra and Tucson models.

The prices have been increased by a minimum of Rs100,000 and a maximum of Rs200,000.

According to the company notification, the new rates will be applicable on all bookings made from December 1 and onwards. The new prices of the cars will not be applicable on all the partial payments orders and for those customers who have deliveries due by December.

Following are the new prices of Hyundai Sonata, Elantra and Tucson models.

Hyundai Sonata

The eight-generation Sonata is a luxury and the most expensive sedan and falls in the same category as Toyota Camry and Honda Accord.

Hyundai Sonata 2.0L has seen a price hike of Rs100,000 and will cost Rs6.4m against the old price of Rs6.3m.

The price of Sonata 2.5L has increased by Rs200,000, and will be available at Rs7.29 million against the old price of Rs7.09 million.

Hyundai Tucson

Tucson’s main competitor is Kia Sportage. Interestingly, Hyundai is the parent company of Kia. Both are South Korean companies. The two companies’ international volumes are reported combined, which makes them enter the list of top ten car manufacturers.

Tucson GLS Sports will now be selling for Rs5.17 million after an increase of Rs200,000.

The price of Tucson Ultimate has increased by Rs200,000. Its new price is Rs5.66 million.

Hyundai Elantra

Hyundai Elantra 2.0L has witnessed an increase of Rs100,000 and will now cost Rs3.99 million.

Hyundai Nishat Motor is a joint venture of Nishat Group, Sojitz Corporation (Japan) and Millat Tractors Ltd. The company has an annual capacity of 15,000 vehicles, which the company says it can extend if they get impressive demand.

How will the price hike impact car sales?

According to a Hyundai car dealer, the price increase will not affect the car demand as Hyundai is a popular brand and one of the biggest players in the market.

“However, it can temporarily impact the demand in the next few days,” a car dealer said.

Lahore Car Dealers Federation President Shahzada Saleem Khan said the big players in the market are taking advantage of a ban on imported used cars and deliberately making cars expensive to earn profits.

“If the government lifts the ban on car imports and allows competitors to enter the market, the prices of the cars may go down and people will be able to afford cars in Pakistan,” Khan added.

Khan said that the cars have become expensive from Rs1.8 million to Rs2 million in the past three years.

Research analyst Adnan Sami Sheikh said that this price increase can impact the company’s sales as out of new players, KIA is more famous and customers can switch the brand.

“Own money on cars will not be affected as people who want early delivery will pay extra money no matter how much it increases,” said Sheikh.

Own money is a price an investor charges from a customer who wants to buy a vehicle immediately. It is higher than the actual price of the vehicle.

Sheikh says that the dollar rate was Rs157 in June and it has now reached Rs175.70 indicating a 10% increase in the rate. Whereas, companies have increased car prices by 5%.

“Companies’ profits for the latest quarter remain low. Apart from this, people do not tend to buy cars at the end of the year. However, companies can increase profits by raising car prices in January 2022 and their sales will increase from January 2022 to June 2022,” sheikh added.

Analysts say that the costs of raw materials such as steel, aluminum have risen in the international market and the dollar has touched an all-time high at Rs177.80, which is putting pressure on the imports bill. Moreover, sea freight charges have jacked up.

usscmc

usscmc

No Result
View All Result

Recent Posts

  • Supply Chain Issues Delay Michigan Statehouse Welcome Center
  • Last Mile Delivery Market Size, Growth And Forecast
  • High shipping rates could increase inflation by 1.5%: IMF
  • Coast Guard responds to adrift cargo ship off California
  • Underinsurance as a Persistent Driver of Cross-Border Antibiotic Procurement in U.S. Border Communities

Recent Comments

  • Top 5 Supply Chain Certifications that are in high demand | Top 5 Certifications on Top 5 Globally Recognized Supply Chain Certifications
  • 3 Best Procurement Certifications that are most valuable | Procurement Newz on Top 5 Globally Recognized Supply Chain Certifications

Archives

  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • September 2019

Categories

  • Global News
  • Supply Chain Updates

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
United States Supply Chain Management Council

Categories

  • Global News
  • Supply Chain Updates

Tags

APICS Globally Recognized Supply Chain Certifications IIPMR Certifications International Institute for Procurement and Market Research (IIPMR) ISM Next Level Purchasing Top 5 Supply Chain Certifications top supply chain certifications

Trending

No Content Available
  • Privacy Policy
  • Terms of Use
  • Antispam
  • Disclaimer
  • Contact Us

© 2022 www.usscmc.com

No Result
View All Result
  • Supply Chain Updates
  • GLOBAL NEWS
  • REGIONAL NEWS
  • Industry Buzz
  • CURRENT ISSUES

© 2022 www.usscmc.com

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT