Honda Elevate Price Hike in Jan 2024: Honda’s Elevate, a rising star in the Indian compact SUV segment, has witnessed a significant price hike in January 2024. This surge, ranging from Rs 20,000 to Rs 58,000 across variants, raises questions about its competitive edge. Let’s dissect the new pricing, analyze its impact, and explore what the future holds for this popular SUV.
Honda Elevate Price Hike, Competition Heats Up:
Previously starting at Rs 10,99,900, the Elevate‘s base SV MT variant now commands Rs 11,57,900, a considerable hike of Rs 58,000. While other variants saw a uniform Rs 20,000 increase, this move places the base Elevate above Hyundai Creta, Kia Seltos, and even Maruti Grand Vitara. However, with Hyundai and Maruti also planning price hikes soon, the gap might narrow.
Top-Tier Dominance Remains:
Despite the base variant’s price climb, the Elevate‘s higher trims (VX and ZX) still hold a cost advantage over comparable options from rivals. This could appeal to buyers seeking premium features at a slightly lower price point.
Sales Success and Future Aspirations:
The Elevate has carved a niche for itself, achieving 20,000 sales in just 100 days and grabbing a 10.84% market share by November 2023. It contributes more than half of Honda’s overall sales and has fueled the company’s 11% YoY growth. This success paves the way for Honda’s ambitious plans to launch four new SUVs by 2030, including an electric variant of the Elevate.
Electric Avenue Beckons:
The Elevate EV, sharing the same platform and design as its ICE counterpart, will be Honda’s first BEV for India. This entry into the burgeoning electric SUV market will pit it against established players like MG ZS EV and Mahindra XUV400, with upcoming contenders like Hyundai Creta EV and Tata Curvv adding to the heat.
The Verdict:
While the price hike raises concerns for the base Elevate’s competitiveness, its higher trims remain attractive. The planned EV variant adds another exciting chapter to the story. With its solid sales performance and ambitious future plans, Honda’s Elevate is undeniably a force to be reckoned with in the evolving Indian SUV landscape. Its ability to adapt to rising costs and navigate the electric space will determine its continued reign as a compact SUV king.
