Following the Auto Policy 2016–21 announcement, Hyundai re-entered the Pakistani market in collaboration with the Nishat Group. In December 2017, Hyundai broke ground for its car assembly factory at the M-3 Industrial City in Faisalabad. A few years later, the business was allowed to start up locally.
Between 1999 and 2007–2008, Hyundai's previous tenure in Pakistan with Dewan Group was met with a very positive reaction. Before the local partner fell into trouble, cars like the Hyundai Santro hatchback and the Shehzore 1-ton commercial truck became the buzz of the town. After Dewan paid Rs 1.1 billion in cash for Pakland Cement in 2004, the company began to report losses that quickly caused issues for the whole group and, in less than 24 months, led to Hyundai's sudden withdrawal from the market.
Despite a terrible market recession, Hyundai-Nishat has now emerged as the greatest performer in Pakistan's automotive environment, with a combination of new and outdated automobiles in its new chapter. The business offers the Sonata D-segment sedan and Santa Fe SUV as examples of domestically built choices. In our market, however, it still sells the older Elantra and Tucson models. Additionally, it sells the Porter commercial pickup, which is performing admirably in comparison to its rivals.
Hyundai's sales have been strong, although the company is still absent from the hatchback and B-segment sedan markets. Even if the business has already stated that it has no intentions to launch a tiny hatchback, like the new i10 or the Santro, one may still anticipate the Verna sedan, which is regarded as a strong competitor for the Honda City and Toyota Yaris.
Verna is marketed under several brands, including Accent and Solaris, in a number of international areas. The newest 6th generation Verna vehicle, which more closely resembles its bigger Elantra brother, was unveiled in India earlier this year. The automobile is regarded as the second-bestselling sedan in its class and has been a popular option in our neighboring country.
However, given the level of competition we face, even the previous version of the Verna, which was discontinued internationally, might work wonders for Hyundai-Nishat if the business decides to bring it here. This is because it is both simpler and more desirable for any manufacturer to introduce a discontinued model in Pakistan.
In addition, the fifth-generation Hyundai Verna boasts a respectable appearance, an extensive feature and equipment list, and a comparatively smaller 1.4L engine that generates 100 horsepower and 134 Nm of torque. This engine may be mated to a 6-speed manual, 6-speed automatic, or 7-speed DCT transmission.
In Pakistan, the C-segment Hyundai Elantra car is priced at PKR 63.99 lakh for the 1.6L engine (GL variation) and PKR 69.30 lac for the 2.0L GLS model. In contrast, rivals in the B-segment such as the Honda City and Toyota Yaris are priced between PKR 43.99 lac and PKR 58.49 lac and PKR 46.99 lac and PKR 58.49 lakh, respectively. For those looking for a sedan, a Hyundai Verna priced between PKR 45.0 lakh and PKR 55.0 lac will be a better choice. Not to mention, the City and Yaris are models from the previous generation in Pakistan.
According to today's conversion rate, the new sixth-generation Verna costs INR 10.89 lac in India, translating to PKR 36.99 lac (1 INR = 3.40 PKR). Therefore, there is undoubtedly space for the earlier model Hyundai Verna to be released in Pakistan within the previously indicated budget.
The Verna does come equipped with every feature needed to succeed in the Pakistani market. It can undoubtedly assist Hyundai-Nishat in gaining a sizable portion of the B-segment sedan market if it is priced affordably. Please share your thoughts on the company's potential introduction of the sixth-generation Verna in our nation.