Ad
Ad
Honda Elevate prices soar by up to Rs 58k. Despite the hike, it remains a pivotal force in Honda's SUV success.
In a move that may impact the compact SUV market, Honda has announced a price hike for its popular model, the Elevate, effective from January 2024. The Japanese automaker has also increased the prices of its other car models. Until December 23, 2023, an introductory offer price was in effect for the Elevate. However, due to the rising production costs, Honda has decided to adjust its pricing structure.
The Honda Elevate, previously available at an introductory price of Rs 10,99,900, now witnesses a price increase. The base SV MT variant sees the most significant jump, now priced at Rs 11,57,900, reflecting a hike of Rs 58,000. Other variants, including V MT, V CVT, VX MT, VX CVT, ZX MT, and ZX CVT, experience a fixed increase of Rs 20,000 each. The top-spec variant now stands at Rs 16,19,900.
As the Elevate has secured a position among the top 5 bestsellers in the compact SUV segment, the price hike may influence its market standing. Honda's SUV has outperformed competitors like Toyota Hyryder, Skoda Kushaq, and Volkswagen Taigun but still trails behind Hyundai Creta, Kia Seltos, and Maruti Grand Vitara. Comparatively, the Elevate base variant is now costlier than the base models of its main rivals.
A closer look at the market reveals that the Elevate base variant now surpasses the starting prices of Hyundai Creta, Kia Seltos, and Maruti Grand Vitara. However, the gap may narrow as the competitors are also expected to increase their prices. Hyundai is set to launch a new Creta, and Maruti Grand Vitara plans to raise the prices across its range in January.
Despite the price hike, the Honda Elevate still continues to drive the brand's growth, achieving a remarkable 20,000 sales milestone in just 100 days. With a market share of 10.84% by November, Elevate contributes to over 50% of Honda's overall sales, resulting in an 11% year-on-year sales growth from September to November.
Looking ahead, Honda aims to bolster its SUV lineup with the launch of four new models by 2030 under Project ACE. Notably, an electric version of the Elevate is in development, sharing the platform and design with its internal combustion engine counterpart. Positioned as Honda's first Battery Electric Vehicle (BEV) for the Indian market, the Elevate EV will compete with rivals such as MG ZS EV and Mahindra XUV400, along with upcoming models like Hyundai Creta EV and Tata Curvv. Manufactured in India, the Elevate EV is also set to be exported to international markets.
Also Read: 2024 Hyundai Creta Facelift Interior Revealed: Multiple New Features Confirmed
While the price hike might pose a challenge for the Honda Elevate in the competitive SUV market, the model's strong sales performance and the upcoming electric variant indicate that Honda is strategically positioning itself for the evolving automotive landscape. As the industry moves towards electric mobility, the Elevate EV could be a key player for Honda in capturing the growing market for electric SUVs.
Ad
Ad
Skoda Slavia and Kushaq: 1.5L EVO TSI Now Automatic-Only
Skoda removes manual gearbox option for 1.5L EVO TSI engine in Slavia and Kushaq models, potentially affecting enthusiast buyers and market dynamics in the Indian automotive sector.
06-Sep-2024 01:26 PM
Read Full NewsSkoda Slavia and Kushaq: 1.5L EVO TSI Now Automatic-Only
Skoda removes manual gearbox option for 1.5L EVO TSI engine in Slavia and Kushaq models, potentially affecting enthusiast buyers and market dynamics in the Indian automotive sector.
06-Sep-2024 01:26 PM
Read Full NewsDelhi EV Policy Expiration Leads to Higher Prices and Declining Sales
With the expiration of the Delhi EV Policy, electric vehicle prices rise, and sales dip. Dealers urge the state government to extend the road tax waiver.
06-Sep-2024 01:01 PM
Read Full NewsDelhi EV Policy Expiration Leads to Higher Prices and Declining Sales
With the expiration of the Delhi EV Policy, electric vehicle prices rise, and sales dip. Dealers urge the state government to extend the road tax waiver.
06-Sep-2024 01:01 PM
Read Full NewsHyundai Exter S(O)+ and S+ Trims: Sunroof Now Up to Rs. 46000 More Affordable
Hyundai Exter S(O)+ and S+ trims now offer a sunroof at up to Rs. 46,000 less. Both trims include a digital cluster, touchscreen, and key safety features.
06-Sep-2024 12:01 PM
Read Full NewsHyundai Exter S(O)+ and S+ Trims: Sunroof Now Up to Rs. 46000 More Affordable
Hyundai Exter S(O)+ and S+ trims now offer a sunroof at up to Rs. 46,000 less. Both trims include a digital cluster, touchscreen, and key safety features.
06-Sep-2024 12:01 PM
Read Full NewsNew Kia Carnival to Enter Premium Segment with October 3 Launch
Kia India is set to launch the new Carnival MPV on October 3. Imported as a CBU, it will feature premium amenities and is anticipated to be priced above Rs. 50 lakh.
06-Sep-2024 11:57 AM
Read Full NewsNew Kia Carnival to Enter Premium Segment with October 3 Launch
Kia India is set to launch the new Carnival MPV on October 3. Imported as a CBU, it will feature premium amenities and is anticipated to be priced above Rs. 50 lakh.
06-Sep-2024 11:57 AM
Read Full NewsADAS for 4 Wheeler and Ather introduces ARAS for 2 Wheelers
Discover Ather's ARAS for two-wheelers, an advanced riding assistance system designed to enhance safety and elevate your riding experience
06-Sep-2024 11:53 AM
Read Full NewsADAS for 4 Wheeler and Ather introduces ARAS for 2 Wheelers
Discover Ather's ARAS for two-wheelers, an advanced riding assistance system designed to enhance safety and elevate your riding experience
06-Sep-2024 11:53 AM
Read Full NewsFreedom 125 Surges Past 5,000 Sales: Bajaj Boosts Production
Bajaj freedom 125 has sold over 5,000 units, driving the company to ramp up production to 30,000-40,000 units by early 2025 due to high demand.
06-Sep-2024 10:15 AM
Read Full NewsFreedom 125 Surges Past 5,000 Sales: Bajaj Boosts Production
Bajaj freedom 125 has sold over 5,000 units, driving the company to ramp up production to 30,000-40,000 units by early 2025 due to high demand.
06-Sep-2024 10:15 AM
Read Full NewsAd
Ad
Mercedes-Benz Maybach EQS SUV
₹ 2.25 Cr
Tata Curvv
₹ 9.99 - 19.00 Lakh
Maserati GranTurismo
₹ 2.72 - 2.90 Cr
Aston Martin Vantage
₹ 3.99 Cr
Audi Q8
₹ 1.17 Cr
Hyundai Alcazar facelift
₹ 17.00 - 22.00 Lakh
MG Windsor EV
₹ 25.00 - 30.00 Lakh
Mahindra XUV300 Electric
₹ 15.00 Lakh
Mercedes-Benz EQS 2024
₹ 2.00 Cr
Hyundai Ioniq 5 N
₹ 45.95 Lakh
Ad
Ad
Ad