Even though some major market players have reduced car prices due to the appreciation of the Pakistani Rupee, Hyundai has announced not to do so.
Hyundai recently communicated to its dealers that it will not be reducing the prices of its cars like other companies. According to the company, the reason behind it is pretty simple. While other automotive companies like Honda, Suzuki, and Toyota had hiked their car prices due to the Rupee devaluation multiple times, Hyundai did not do so.
Hyundai stated that, in comparison with other car companies, its price revisions have been the lowest in the industry. Even after other companies decreased their prices, Hyundai’s rate was still lower than theirs. While others increased prices to a whopping 22-24%, Hyundai only applied an increase of 13%.
As this increase aligns with the current value of the Pakistani Rupee, the company finds the current prices justified.
Moreover, Hyundai also mentioned how they have not suspended order intake for any of their vehicles, unlike other companies (like Toyota). This is another major difference between Hyundai and its competitors. Hyundai has not failed to meet the public demand and sees that as a major advantage in the market right now.
These are two of the main reasons why Hyundai will not be joining the bandwagon of price reduction of cars anytime soon.
What do you think of this argument? Do you think Hyundai is justified in maintaining its current prices, or should they also revise and reduce their prices? Share your thoughts with us in the comments below!
