Hyundai Nishat has joined the price rise bandwagon by raising the pricing of the Elantra GLS and both Sonata models, claiming local currency instability and increased shipping costs.
The following new pricing are effective immediately:
Cars Old Prices (Rs) New Prices (Rs.) Increase (Rs.)
Elantra GLS 4,799,000 4,949,000 150,000
Sonata 2.0 6,859,000 6,999,000 140,000
Sonata 2.5 7,749,000 7,849,000 100,000
Intervention of the Government
The Engineering Development Board (EDB) called a meeting last week with the CEOs of major local automakers, including Hyundai Nishat, to review recent pricing increases.
Prior to the conference, EDB instructed the companies to submit their respective cost structures as well as legitimate justifications for price increases.
Only a couple of the eleven automakers shared their information, which sparked major concerns from the Ministry of Industries and Production (MoIP).
It stated that the rate of price increases is much faster than the rate of rise in the US Dollar (USD) versus the Pakistani Rupee (PKR).
In response, automakers explained that price increases were also influenced by increases in other operational costs. They emphasized that a freight container that used to cost $3,000 now costs $6,000, and that raw material costs have also risen.
Finally, MoIP instructed the remaining enterprises to submit their cost structures within two days. It stated that a follow-up meeting will be held soon in this regard.
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