In addition to Elevate, Honda has increased prices of its other cars as well from January 2024
Till December 23, 2023, an introductory offer price was applicable on Honda Elevate. Now, prices have increased. Rise in production cost is also one of the factors for the price hike. Hat tip to The Car Show channel for sharing the update.
Honda Elevate prices hiked
Earlier, Honda Elevate was available at a starting price of Rs 10,99,900. With the price hike, the base SV MT variant now costs Rs 11,57,900. That’s an increase of Rs 58,000. Among all variants, the base variant has witnessed the biggest price hike. Prices of all other variants have been increased by a fixed amount of Rs 20,000. The variants are V MT, V CVT, VX MT, VX CVT, ZX MT and ZX CVT. The top-spec variant is now priced at Rs 16,19,900.
It remains to be seen if the price hike will impact sales, especially the base variant. Elevate has emerged as a bestseller in the compact SUV segment and is currently ranked in the top 5 list. It has established a comfortable lead over the likes of Toyota Hyryder, Skoda Kushaq and Volkswagen Taigun. But it trails bestsellers like Hyundai Creta, Kia Seltos and Maruti Grand Vitara.
A price comparison reveals that the Elevate base variant is now costlier than base variants of Creta, Seltos and Grand Vitara. Hyundai will be launching the new Creta soon, which will result in a price hike. In case of new Seltos, the SUV is currently available at an introductory offer price of Rs 10,89,900. Maruti Grand Vitara is among the most affordable, available at a starting price of Rs 10.70 lakh. Maruti will also be increasing prices across the range in January.
While the Elevate base variant has become costlier, the gap will reduce when rivals Creta, Seltos and Grand Vitara increase their prices. Moreover, Elevate higher trims continue to be cheaper than comparable options from rivals.
Elevate powering Honda’s growth
Elevate has received a superb market response, with a 20k sales milestone achieved in just 100 days. By November, the SUV had already reached double-digit market share at 10.84%. In Honda’s overall sales, Elevate is contributing more than 50%. It has allowed Honda to post 11% YoY sales growth during the September-November period.
Elevate EV under development
Apart from Elevate, Honda will launch 4 new SUVs by 2030. This is necessary since Honda currently has only three products in its portfolio. With new SUVs, Honda will be able to target a larger segment of users. One of the new SUVs under development is the electric version of Elevate. It will be using the same platform and design as ICE Elevate.
These plans are part of Honda’s Project ACE. When launched, Elevate EV will be Honda’s first BEV for the Indian market. It will take on rivals such as MG ZS EV and Mahindra XUV400. New rivals will also emerge such as Hyundai Creta EV and Tata Curvv. Honda Elevate EV will be manufactured in India and also exported to overseas locations.
