Hyundai raised Prices by up to PKR 400,000.

Hyundai Nishat Motors has raised the price of Hyundai cars under the unsteady economic climate. The company raised the prices of its two cars, the Hyundai Sonata and Elantra 2000cc (all variants).

New pricing will be in effect from the 1st of October, 2022,

Hyundai New Car Prices
The updated prices for these cars are listed below.

All prices are in PKR and are ex-factory.
Hyundai Elantra Price
The price of the Hyundai Elantra in Pakistan increased by Rs. 200,000, going from Rs. 5,499,000 to Rs. 5,699,000.
Hyundai Sonata There are two versions of this D-segment sedan, and they include:

The price of the Hyundai Sonata 2.0 increased by Rs. 250,000, going from Rupees. 7,899,000 to Rupees. 8,149,000.
In contrast, the cost of the second option, Sonata 2.5, has Raised by Rupees. 400,000 to Rs. 8,899,000 from its previous price of Rs. 8,499,000.

All new prices will be applied to Sonata and Elantra 2.0. (All Variants)
For any purchases with a full payment made before September 30th, 2022, regardless of the order’s anticipated delivery month, the old prices will be in effect starting on October 1st.

The firm stated in its statement that due to the unstable macroeconomic conditions and input cost environment, we are forced to pass on a portion of the burden to the clients. The statement added, “At HNMPL, we have endeavored to accommodate our consumers; nonetheless, given the current circumstances, we are compelled to increase pricing for selected versions.”

Hyundai’s Terms and Conditions for the Price hike
Until September 30, 2022, all orders for the Elantra 2.0 and Sonata (all variations) that include full payment are subject to the previous prices, regardless of the anticipated delivery month.
No matter the estimated delivery month, the previous rates will apply to all partial payments for the Elantra 2.0 and Sonata (all versions) with payment through September 30, 2022, assuming the buyer makes the final payment by that date. Otherwise, these orders will be subject to revised pricing.
With FED, Sales Tax, and Dealer’s Commission included, these prices are ex-factory Faisalabad.
Any price increases resulting from modifications in government fees (such as FED, CVT, etc.), tariffs, fiscal policies, import rules, etc., will be covered by the consumer.

Before this massive price hike Recently Sales of Hyundai Also skyrocketed by 860%

Hyundai Sales has achieved feats, while Honda Atlas and Pakistan Suzuki are witnessing a reversal of their fortunes. The Pakistan Automotive Manufacturers Association (PAMA) said that Hyundai sales increased by 860% last month, marking a significant milestone for the automaker.

How Hyundai Nishat Motors Pakistan Limited (HNMPL) did become the bestseller?
Unexpectedly, Hyundai accomplished what the other automotive behemoths had been expecting for a long time: it crashed all of the bestsellers on the list.

According to reports, the corporation sold 985 Tucson units in August compared to 104 units in July. Sonata and Elantra similarly contributed to reaching the lofty goal after boasting three-digit sales statistics on sales charts. Hyundai sells the most vehicles, with Elantra and Sonata sales of 581 and 234, respectively.

Back in July 2022 The company also experienced a time when the Sales were 0.
Sonata and Elantra sales were completely flat for the firm in July, while month-over-month sales fell by 89 per cent. Simply put, despite selling a total of 213 units of its sedans, the Sonata and Elantra, Hyundai Nishat failed to sell a single one.

DG Cement to invest 900 million rupees in Hyundai Nishat
Hyundai Nishat Pakistan will get a 900 million rupee investment from DG Khan Cement, the company said on Tuesday.

“All of the stockholders will invest money. We sought to reduce the amount of debt held by the business and raise our debt-to-equity ratio because of the high-interest rates, according to Hassan Mansha, CEO of Hyundai Nishat.

According to their shareholding proportion, the sums (by other shareholders) will vary. According to the organization’s annual report for 2021, DGKCC has already contributed Rs. 948.730 million and given Hyundai a guarantee to acquire Rs. 1,269.671 from Meezan Bank Limited.

Recently, according to a PAMA report, vehicle sales reached a new all-time low.

In the face of rising prices, escalating inflation, and production cuts, car sales fell for two consecutive months. Sales have not recovered after dropping by 58% in July and fell 2% last month.

According to PAMA’s data, manufacturers sold a total of 11,645 units in August compared to 11,853 units in July (a 2% MoM reduction). In terms of year-over-year sales, sales statistics show a staggering decrease of 46%.
Sales Breakdown by Company
When compared to July, Toyota Indus had a huge rise in sales of 63%, selling 3,876 units in August vs 2,375 units. Regarding year-over-year sales, the firm reported a 31% decrease in sales to 5,639 units during the same time last year.

In contrast, sales of Honda Atlas vehicles decreased by 29% month over month, falling from 2,537 units in July to 1,809 units.

Hyundai Nishat faces, as opposed to the others, have a distinctive tale to tell. By selling 1,929 units in August vs 201 units in July 2022, the firm had a tremendous increase. (860%) Month on Month growth

In contrast to the 6,679 units it sold in July, Pak Suzuki Motors Company (PSMC) reported selling 3,954 units in August, the company’s lowest monthly sales in two consecutive months. (Month on Month declination: 41%)

It is important to note that none of the other automakers—Kia Lucky, Master Changan, Regal, MG, and Al-Haj Proton—are PAMA members. The report does not contain their sales figures.
(Rest of Pama’s report will be discussed on another blog)

What do you think of the price hike for Hyundai vehicles? Are they reasonable in your opinion? Comment with your ideas in the space provided.

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