Hyundai Increases Car Prices Again Due to Tax Hike

Hyundai Nishat Motors Private Limited (HNMPL) has increased the prices of its cars following a 7% General Sales Tax (GST) hike. The company has increased the prices by up to Rs. 591,000, after which, its cheapest car now costs almost Rs. 6.2 million.

The new prices are as follows:

ModelsOld Price (Rs.)Old Price (Rs.)Increase (Rs.)
Tucson GLS Sport FWD7,569,0008,030,000461,000
Tucson Ultimate AWD8,169,0008,659,000490,000
Elantra GL 1.65,849,0006,199,000350,000
Elantra GLS 2.06,349,0006,730,000381,000
Sonata 2.09,129,0009,679,000550,000
Sonata 2.59,939,00010,530,000591,000

After the recent rise in dollar value, the prices of numerous goods, including automobiles, have spiraled out of control. To top it off, the government has also increased GST on cars by 7%.

Automakers blame the government’s restrictive policies for stifled growth. They cite the restrictions placed by the government on LCs required for the clearance of imports.

Due to an inventory shortage, Honda Atlas Cars Limited (HACL) has again halted production for more than 20 days this month. Other automakers have also decreased their production volumes for the same reason.

The downturn in the auto industry is causing problems for consumers and the auto industry.

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