Here’s the Expected Increase in Prices of Hyundai Cars After the Mini-Budget
The woes of the mini-budget are gradually engulfing the car industry, and various companies are gradually succumbing to the tax rate hikes. Hyundai Nishat has not announced its new prices for its vehicles but its hikes are sure to be huge due to its lineup that consists of high-end vehicles only.
Three of Hyundai’s cars (the Tucson, the Elantra, and one variant of the Sonata) are in the 1,301cc to 2,000cc category, which implies that they will be subjected to a Federal Excise Duty (FED) hike of 2.5 percent (from 2.5 percent to 5 percent), as well as the increased sales tax.
With these new rates, the expected price hikes from Hyundai Nishat are:
|Current Price (Rs.)||Expected Price (Rs.)||Increase (Rs.)|
|Tucson GLS Sport||1,999||5,179,000||5,305,317||126,317|
Hyundai Nishat has done relatively well in its recent sales due to the high demand for the Elantra and the newly-launched Sonata. It posted a month-on-month (MOM) growth of two percent and a handsome year-on-year (YOY) growth of 49 percent in sales, having sold 762 vehicles in December.
The rise was also due to the 369 percent MOM increase in the sales of the Tucson SUV. Regardless, with the aforementioned price hikes on the horizon, it will interesting to see if the company can maintain its gradual growth.