Hyundai Nishat Motors Private Limited (HNMPL) has raised the prices of its vehicles in response to a 7% increase in General Sales Tax (GST). The company has raised prices by up to Rs. 591,000, and its cheapest car now costs nearly Rs. 6.2 million.
The new prices are as follows:
| Models | Old Price (Rs.) | Old Price (Rs.) | Increase (Rs.) |
| Tucson GLS Sport FWD | 7,569,000 | 8,030,000 | 461,000 |
| Tucson Ultimate AWD | 8,169,000 | 8,659,000 | 490,000 |
| Elantra GL 1.6 | 5,849,000 | 6,199,000 | 350,000 |
| Elantra GLS 2.0 | 6,349,000 | 6,730,000 | 381,000 |
| Sonata 2.0 | 9,129,000 | 9,679,000 | 550,000 |
| Sonata 2.5 | 9,939,000 | 10,530,000 | 591,000 |
Following the recent rise in the value of the dollar, the prices of a variety of goods, including automobiles, have risen out of control. To top it all off, the government has raised the GST on automobiles by 7%.
Automobile manufacturers blame the government’s restrictive policies for stifling growth. They point to the government’s restrictions on LCs required for import clearance.
Honda Atlas Cars Limited (HACL) has halted production for more than 20 days this month due to an inventory shortage. Other automakers have reduced production volumes for the same reasons.
The auto industry’s downturn is causing issues for both consumers and the industry.
