Hyundai Also Announces a Big Increase in Car Prices

Like all the other automakers, Hyundai Nishat has also yielded to the persistent issues of the supply chain crisis, the depreciation of the local currency, and increase in the cost of raw materials and freight charges, and has increased the prices of its vehicle.

The new prices of Hyundai’s vehicles will be as follows:

VehiclesOld PricesNew PricesIncrease
Elantra 2.0L3,899,0003,999,000100,000
Tucson GLS Sport4,979,0005,179,000200,000
Tucson Ultimate5,469,0005,669,000200,000
Sonata 2.0L6,399,0006,499,000100,000
Sonata 2.5L7,099,0007,299,000200,000

The revision will be implemented according to the following schedule:

  • The new prices of the Elantra and the Sonata will be applicable on all the orders made before December 2021 with an invoicing date of 1 January 2022 and onward.
  • The current prices of the Elantra and the Sonata will be applicable on all the partial payment orders for a tentative delivery month until December 2021.
  • The new price of the Hyundai Tucson will be applicable on all the new orders made from 1 December 2021 onward.

The domino effect of price hikes is underway, and all the automakers are expected to follow suit. However, it is interesting that all the car companies have only increased the prices of their locally assembled vehicles, with the exception of Kia Lucky Motors which has bumped up the prices of the Carnival (a CBU vehicle) and left the Sorento (a locally assembled vehicle) out.

Nonetheless, it is being speculated that this is just a first in a series of price hikes from all the automakers.

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