Hyundai-Nishat Motors raised the pricing of its Tucson variants by Rs1.1 million, citing the decline in the currency as the primary cause, following Lucky Motor Corporation’s price increases for its KIA-brand vehicles.
After an increase of Rs1.1 million price increase for the c, the Hyundai Tucson FWD model is now offered for Rs6.89 million. The price of the AWD version has increased by Rs1.1 million to Rs7.39 million.
According to a sales representative, the company would accept reservations upon full payment, and delivery is anticipated to occur in August and not take longer than 60 days.
Prior to that, Lucky Motor announced an increase in the prices of its KIA-brand vehicles starting on July 19, with the rise reaching as high as Rs1.1 million.
The corporation said that the ongoing depreciation of the rupee versus the dollar was to blame for their need to raise pricing.
“Kia and Hyundai have taken the initiative to increase car prices but the rest of the automakers will follow too,” said Sunny Kumar, Research Analyst at Topline Securities.
“The last pricing most of the carmakers did was when the dollar stood at Rs185. It has now crossed Rs225. The price hike was imminent and announcements from other automakers could be expected anytime now.”
According to Brecorder, the CEO of Lucky Motor Corp, Asif Rizvi, acknowledged that the auto sector primarily employs imported materials and that localised parts also contain a large percentage of foreign components while speaking on the sidelines of the Peugeot 2008 launch in March.