Hyundai Sonata and Elantra Prices Increased

Hyundai-Nishat has announced to increase the prices of its sedan models— the Sonata and Elantra 2.0L by up to Rs 400,000 effective from the 1st of October 2022. Price of Elantra 1.6L and other vehicles in the lineup remain unchanged as of now.

The company had previously increased the prices of its cars in July, whereas it refused to bring down the prices in August when Rupee regained its value against the US Dollar. Hyundai Pakistan maintained a stance that they had not increased their prices to the same level as the industry norm of up to 24%. Hyundai’s sister company Kia which is teamed up with Lucky Group also practiced the same stance citing similar reasons.

New Price Old Price Difference Change
Sonata 2.5L Rs 8,899,000 Rs8,499,000 Rs400,000 4.7%
Sonata 2.0L Rs 8,149,000 Rs7,899,000 Rs250,000 3.2%
Elantra 2.0L Rs 5,699,000 Rs5,499,000 Rs200,000 3.6%

After this increase, the Elantra 2.0L and Sonata have become 15% more expensive than they were in July. As per the conditions:

  • The old prices are applicable on all full payment orders for Elantra 2.0 and Sonata (all variants) till September 30, 2022, irrespective of tentative delivery month.
  • The old prices are applicable on all partial payments for Elantra 2.0 and Sonata (all variants) with payment till September 30, 2022, irrespective of the tentative delivery month, if the customer made the remaining payment by September 30. Otherwise, new prices will be applicable to these orders. 
  • These prices are ex-factory Faisalabad, including FED, Sales Tax, and Dealer’s Commission. 
  • The customer will pay any impact on prices due to changes in government levies (including FED, CVT, etc.), tariffs, fiscal policies, and import policies, etc.

Hyundai decision to not implement the new prices on orders irrespective of their delivery date which may provide them with a short-term increase in immediate sales as customers seek to avoid incurring the higher prices from next month onwards.

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