Hyundai Nishat Motor has reduced the prices of selected locally assembled hybrid vehicles, offering relief to Pakistani buyers following the revised sales tax rate.
Hyundai Nishat Motor has announced substantial price reductions for its locally assembled hybrid vehicles in Pakistan after the government confirmed a lower sales tax rate for eligible hybrid electric vehicles (HEVs).
The company has revised the ex-factory prices of the Hyundai Elantra Hybrid, Tucson Hybrid and Santa Fe Hybrid following the implementation of an 18% sales tax on locally manufactured hybrid vehicles with engine capacities of up to 2,000cc.
The updated prices provide relief to customers after hybrid vehicles faced a significant increase earlier this year when the previous concessional tax arrangement ended and the applicable sales tax rate rose to 25%.
Hyundai Hybrid Car Prices After Tax Reduction
According to the updated price details, the Hyundai Elantra Hybrid now costs Rs10,761,000, compared with its earlier price of Rs11,400,000. This represents a reduction of Rs639,000.
The Tucson Hybrid Smart FWD has received a price cut of Rs724,000. Its revised price stands at Rs12,202,000, down from the previous Rs12,926,000.
Meanwhile, the Tucson Hybrid Signature AWD is now available at Rs13,300,000. The model previously carried an ex-factory price of Rs14,101,000, resulting in a reduction of Rs801,000.
The larger Santa Fe Hybrid variants have also become more affordable. The Santa Fe Hybrid Smart FWD has seen its price decline from Rs14,574,000 to Rs13,258,000, reflecting savings of Rs1,316,000.
The Santa Fe Hybrid Signature AWD has recorded the highest reduction among the listed models. Its price has dropped from Rs16,123,000 to Rs14,720,000, providing a saving of Rs1,403,000.
Sales Tax Rules for Hybrid Vehicles
Hyundai’s latest dealer circular confirms that eligible locally assembled hybrid vehicles with engine capacities of up to 2,000cc are subject to an 18% sales tax rate.
However, hybrid vehicles with engines exceeding 2,000cc continue to attract the higher 25% sales tax.
The revised prices could improve the affordability of Hyundai’s hybrid lineup and encourage greater consumer interest in fuel-efficient vehicles in Pakistan.