Honda Elevate Prices Hike: Rs 20 to 58 Thousand Surge in January 2024

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.

Honda Elevate Prices Hiked

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.

Impact on Sales and Market Position

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.

Price Comparison with Competitors

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.

Elevate Powering Honda’s Growth

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.

Elevate EV Under Development

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

Verdict

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.