Lucky Motor Corporation Ltd (LMCL) on Monday raised Kia car prices of its vehicles by Rs 200,000-Rs 300,000 for the second time in less than two months.
The competence of Lucky Motor Corporation Limited (LMCL) to keep vehicle pricing stable in 2020 and 2021 was widely appreciated. Unfortunately, the Korean manufacturer appears to have been overwhelmed by the depreciation of the local currency and a surge in transportation expenses.
According to a recent statement, Kia has raised the prices of its best-selling vehicles in Pakistan, the Sportage, Stonic EX, Stonic EX+, and Picanto. The following are the new prices, which are effective immediately:
|Variants||Old Price (Rs.)||Revised Price (Rs.)||Increase (Rs.)|
Read more: KIA increased prices of best-selling vehicles by as much as Rs 475,000
Bookings for all of the mentioned Kia cars were recently halted by LMCL. The suspension was not given a reason in the notification, although it was stated that it was only momentary. Meanwhile, bookings are still closed, according to a dealership official, but will likely reopen next week.
Lucky Motor’s Statement
According to the company:
• Customers who have paid in full by April 18, 2022 will be charged the previous rate.
• All PBOs with a delivery date of April 2022 or earlier will be charged the existing price. These customers must deposit the balance payment before April 28, 2022 to qualify for this programme.
• The new prices will apply to all PBOs with a delivery commitment of May 2022 or after; freight charges are not included in the prices.
For the third time in three months, LMCL has raised the prices of Kia’s best-selling vehicles. It may have also sparked a new round of pricing spikes in the car industry.