Expected Increase in Prices of Hyundai Cars After the Mini-Budget 2022

The troubles of mini budget are progressively sweeping the auto industry, and numerous industries are falling to tax rate hikes. Hyundai Nishat has not revealed new vehicle prices, but the increases are expected to be significant given the company’s focus on high-end automobiles.

Three Hyundai models (the Tucson, Elantra, and one variant of the Sonata) are in the 1,301cc to 2,000cc range, which means they will face a 2.5 percent rise in Federal Excise Duty (FED) (from 2.5 percent to 5 percent), in addition to the increased sales tax.

Hyundai Nishat’s expected price increases with these new rates are:

Because of the great demand for the Elantra and the recently released Sonata, Hyundai Nishat has done relatively well in recent sales. It sold 762 automobiles in December, representing a 2% month-on-month (MOM) increase and a 49 percent year-on-year (YOY) increase.
The surge was also attributable to a 369 percent MOM increase in Tucson SUV sales. Regardless, with the aforementioned price increases in the future, it will be interesting to watch if the company can continue its steady rise.

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