AutoBusiness

After the increase in tax rates, Hyundai also raises car prices.

After an increase in the General Sales Tax (GST) of 1%, Hyundai Nishat Motors Private Limited (HNMPL) has raised the price of its automobiles. As the company raised pricing by up to Rs. 100,000, its least expensive car now costs more than Rs. 5.7 million.

Models Old Price (Rs.) New Price (Rs.) Increase (Rs.)
Tucson GLS Sport FWD 7,399,000 7,464,000 65,000
Tucson Ultimate AWD 7,899,000 7,969,000 70,000
Elantra GL 1.6 5,699,000 5,749,000 50,000
Elantra GLS 2.0 6,099,000 6,154,000 55,000
Sonata 2.0 8,649,000 8,724,000 75,000
Sonata 2.5 9,399,000 9,484,000 85,000

After the recent increase in the value of the dollar, the cost of many products, including cars, has exploded. To top it all off, the government raised the car’s GST by 1%.

Automakers accuse the government of causing the industry’s operations to stop. This is mostly caused by the limitations on LCs demanded for import approval.

 

Pak Suzuki Motor Corporation (PSMC) has once more stopped manufacturing for two weeks due to a lack of inventories. For the same reason, other automakers have cut back on manufacturing.

Both consumers and automakers are having issues as a result of the auto industry downturn.

 

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