Home Automotive Articles Why is Santa Fe Overpriced? Hyundai-Nishat Issues the Statement

Why is Santa Fe Overpriced? Hyundai-Nishat Issues the Statement

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Ever since the launch of SUV Santa Fe at Hyundai Nishat Motors’ digital showroom on February 23, 2019, at Lahore’s Emporium Mall, the model has become a center of attention due to its high price.

In Pakistan, Santa Fe comes with a price high of anywhere from Rs.16 million to Rs.18.5 million, depending on its add-on features and specs. However, car enthusiasts and dealerships have raised the question that it is overpriced, especially when compared with its price in other countries.

In the United Arab Emirates (UAE), Santa Fe is priced between Rs.3.3 million and Rs.4.9 million, whereas it costs as high as Rs.6.1 million in India. In Australia, the SUV comes with a price tag of anywhere between Rs.4.3 million and Rs.6 million. The 7 variants of Santa Fe produced in the US costs between Rs.3.4 million and Rs.4.9 million.

Today, Hyundai Nishat Motor (Private) Limited (HNML) issued a statement regarding the ongoing misinterpretation about the price of Santa Fe. HNMPL clarified the issue stating that the vehicle has not been imported under the incentive scheme of Auto Industry Development Programme (AIDP-2016-21). The vehicle has been brought under normal duty and the company has not decided yet regarding the localization of the product.

“Hyundai Nishat Motor (Private) Limited, would like to clear the misconception being created in the market regarding the pricing of Hyundai’s Flagship SUV, Santa FE. We would like to clarify that this unique product is imported at actual duties, levied by the Government of Pakistan. This vehicle actually attracts approximately 300% in compounded Duties & taxes. This vehicle has not been imported under the special incentive scheme of AIDP. HNMPL is currently conducting market feasibility of Hyundai Santa Fe for a possible launch of this product in CKD condition at a later stage. If the decision to localize the product is made by HNMPL, then we may import the allowed quantities of the same under AIDP special incentive scheme at a discounted duty.”

We hope that this statement would clarify many answers about the price of Hyundai-Nishat Motors Santa Fe.

by Aqsa Mirza / Hanif Memon

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