Economic Crisis: Hyundai announces price hike

Following Lucky Motor Corporation’s price increases for its KIA-brand vehicles, Hyundai-Nishat Motors similarly increased the price of its Tucson versions by Rs1.1 million, blaming the devaluation of the rupee as the key reason.

The price of the Hyundai Tucson FWD variant has increased by Rs1.1 million, and it is currently available for Rs6.89 million. The AWD variant now costs Rs7.39 million, an increase of Rs1.1 million.

A sales agent stated that the company would accept reservations after receiving full payment, and that delivery would most likely take place in August and not more than 60 days.

Earlier, Lucky Motor declared that the pricing of its KIA-brand vehicles would hike beginning on July 19 and may go as high as Rs1.1 million.

The company claimed that the need to increase prices was due to the rupee’s continuing decline against the dollar.

According to Business Recorder, Lucky Motor Corp. CEO Asif Rizvi acknowledged during a speech at the introduction of the Peugeot 2008 in March that the auto industry predominantly uses imported materials and that localised parts also contain a significant amount of foreign components.