Hyundai-Nishat Motors has announced a price reduction ranging from Rs200,000 to Rs800,000 for its Tucson and SANTA FE Hybrid models.
The SANTA FE Hybrid AWD Signature has been reduced in price by Rs800,000, and is now available for Rs13.899 million, a reduction from Rs14.699 million. In the same vein, the SANTA FE Hybrid FWD Smart will now be available for Rs12.49 million, following a Rs500,000 price reduction.
The popular Tucson AWD Black Single-Tone variant will now be priced at Rs8.784 million, with a price reduction of Rs200,000, in addition to the SANTA FE models. The Tucson Beige Two-Tone variant is currently priced at Rs8.709 million.
Hyundai-Nishat Motors also reduced the prices of the Tucson FWD GLS Sport and Tucson FWD GLS by Rs200,000 each, resulting in new prices of Rs8.08 million and Rs7.115 million, respectively.
Experts believe several factors contributed to the price cuts. “Car sales have subdued in recent months, while the number of players in the market has increased, which has intensified competition,” said Tahir Abbas, Head of Equities at Arif Habib Limited (AHL).
He added that the increased competition has forced companies to offer more competitive pricing. “Secondly, many of these cars have new models on the way, and whenever new models are released, offers with price reductions are often introduced in the outgoing model to clear out the inventory,” Abbas explained. He noted that this strategy helps clear old inventory and makes room for newer models.
Recently, the Minister for Industries and Production, Rana Tanveer Hussain, announced that the government would introduce an Electric Vehicle (EV) Policy by the end of this month to promote EV usage in the country. He also shared that the government has set aside $4 billion to support the promotion of EVs.
