The prices of some imported cars in Iran have increased this week with at least a 5% rise for South Korean vehicles.
The increase in prices of Hyundai, Kia and Ssangyong models began on January 5 with the largest increase in price experienced by Hyundai vehicles.
The price rise, according to Asre Khodro, is not directly related to the regional upheavals, but has more to do with the increase in the US dollar rate against the Iranian rial over the past few weeks. The price of Hyundai's Santa Fe has jumped from 2.02 billion rials ($54,400 free market rate) to 2.2 billion rials ($59,140) in January. Other price increases can be witnessed for Hyundai's Veloster sports coupe, which rose from 1.17 billion rials ($31,452) on Jan. 5 to 1.27 billion rials ($34,140) on Jan. 10.
Similarly, Ssangyong's Tivoli, a recently introduced small SUV, has also seen a price rise, when Financial Tribune spoke with a dealer of a South Korean brand. He said the price is 900 million rials, whereas one month ago the company was publicizing its launch price of 850 million rials, which indicate a 5.8% increase.
Apart from these carmakers, Japan's Honda has also been affected by the rising heat in currency markets over the same period.
Honda India announced similar price hikes in that market of 10,000 rupees due to what it said was "increased costs from raw materials at the beginning of the year", NDTV reported this week.
However, prices of cars imported from Europe have not been greatly affected so far.
