Hyundai-Nishat Motors on Monday revealed cuts on the prices of several variants of the Tucson and SANTA FE Hybrid series, in some cases going as deep as Rs800,000. The price cuts apparently bet on up-ticking sales, ever so slightly picking up in a highly competitive market where consumers feel now is the time to get something done with these high-selling SUVs.
The SANTA FE Hybrid AWD Signature now boasts a price reduction of Rs800,000 with the variant priced at Rs13.899 million against Rs14.699 million. The Smart variant of the SANTA FE Hybrid FWD is selling at Rs12.49 million after the reduction amount of Rs500,000. Tucson reductions have also been made as the variant AWD Black Single-Tone is now selling at Rs8.784 million. The Beige Two-Tone sells at Rs8.709 million also.
Other Tucson variants include the FWD GLS Sport, while price cuts range to Rs200,000 with a new selling price of Rs8.08 million and the FWD GLS priced at Rs7.115 million.
Market experts believe that these cuts come as a result of a variety of factors. Tahir Abbas, Head of Equities at Arif Habib Limited, said that subdued sales coupled with increased market competition created an urgent need for more competitive pricing. He further added that if new models are coming into the market, it helps clear inventories and makes room for fresh stock as prices on outgoing models get cut.
Still, with the electric vehicles a new generation of which is expected to hit the roads soon, discounts by Hyundai-Nishat will start building sales as more and more consumers opt for an eco-friendly mode of transport. The latest development here is that Minister of Industries and Production Rana Tanveer Hussain has unveiled his thoughts about soon unveiling a policy for Electric Vehicles whereby the government has pledged to offer a sum of $4 billion for the support of EVs in the country.
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