Hyundai Nishat, like other automakers, has announced a major hike in costs for the Elantra and Sonata variants as a result of the unstable local currency and increased tax rates.
The updated price for the Hyundai Elantra 2.0 is Rs5,499,000 (including CVT) compared to the old rate of Rs4,998,490 after an increase of Rs500,510. The new price for the Hyundai Elantra 1.6 in Pakistan is Rs5,099,000 (including CVT) compared to the old rate of Rs4,341,9900 after an increase of Rs757,010.
The revised price of the Hyundai Sonata 2.0 is Rs7,899,000 (with CVT) in Pakistan, up Rs830,010 from the previous rate of Rs7,068,990, while the updated price of the Hyundai Sonata 2.5 is Rs5,499,000 (including CVT), down Rs571,510 from the previous rate of Rs7,927,490.
Due to local currency devaluation, logistical expenses, tax rate increases, and overall economic uncertainty in the nation, Pakistan’s auto sector is struggling.
During intraday trade today, the Pakistani Rupee (PKR) lost value against the US Dollar (USD) and fell below the Rs238 mark. The local currency was trading at Rs238.50 in the open market at noon after losing more than Rs5.57 in relation to the dollar.
Major automakers have been compelled by these problems to lower their production goals in Pakistan. While Honda Atlas Cars Limited (HACL) and Kia Lucky Motor Corporation Limited (KLMCL) are switching to single-shift manufacturing schedules, Toyota Indus Motor Company (IMC) has ceased production for an unknown length of time.
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