October 04, 2023 (MLN): With the objective to redefine the automotive sector in Pakistan and to expand its presence in it, Hyundai Nishat Motor (Private) Limited (HNMPL) has launched the Santa FE Hybrid, a locally manufactured D-SUV hybrid vehicle.
The hybrid model is available in two different variants; Smart (FWD) and Signature (AWD) for Rs12.99 million and Rs14.7m respectively.
Through this new model, the company aims to offer the versatility of a spacious and highly capable SUV along with the latest technological conveniences.
The Hyundai SANTA FE Hybrid stands out in the Pakistani market with its hybrid technology, offering fuel efficiency, performance, and reduced emissions.
HNMPL has achieved immense success and fame in the Pakistani market through its previously launched cars such as Sedan, and D Sedan.
By understanding the market dynamics and technological advancements, the company has now entered the D-segment (mid-size family cars) SUV group.
To note, this is Hyundai’s fifth Completely Knocked Down (CKD) unit and the first AWD 7-seater Hybrid D SUV in Pakistan.
Speaking to Mettis Link News, Adnan Malik, the General Manager of Sales and Marketing of Hyundai said “We have received an overwhelming response from the market, considering a unique development for the target segment.”
He further added that regarding the supply concerns, HNMPL will not face any issues as there is backup stock for the newly launched SUV.
Despite a good response coming from the segment, the numbers are not yet substantially high due to the deteriorating economic landscape of the country, coupled with fluctuations in the exchange rate, he remarked.
The automobile industry was already facing significant hurdles, particularly the difficulty in importing raw materials and components due to a shortage of dollars.
Yet the company remained focused and determined to capture a significant market share through its new SUV.
It is worth noting that passenger car sales witnessed a significant surge of 59.62% MoM in August 2023, clocking in at 5,909 units compared to 3,702 units recorded in the previous month.
However, cumulatively in the first two months of FY24, car sales plummeted by 50.35% YoY compared to the same period last year.
Recalling the IMF staff report issued on July 18, 2023, a market-determined exchange rate was recommended to absorb external pressures.
Consequently, the government's ability to control the rupee through trade restrictions has been limited, and import policies were eased thereby increasing the bill for car CKD imports.
HNMPL is a joint venture between Hyundai Motor Company and Nishat Group.
Copyright Mettis Link News
Posted on: 2023-10-04T12:10:43+05:00
