Kia Sportage, Picanto, and Carnival bookings have been halted by Lucky Motor Corporation Limited (LMCL) due to import ban. Carnival’s bookings have been halted due to the government’s new ban on the import of completely built-up (CBU) vehicles.
However, Kia is still taking reservations for the Sorento and Stonic, according to a credible Pakistani media source. The notice did not state why the suspension was being implemented or when it would be resumed, but it did state that it was only for short term. Carnival’s booking ban, on the other hand, is indefinite because the government has yet to decide what will happen to CBU imports.
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According to industry sources, all automakers are keeping a careful eye on the current scenario. They believe that with the PKR’s value hanging around Rs. 200, more vehicle firms may temporarily halt bookings.
This news comes after Toyota Indus Motor Company (IMC) said that all of its car bookings have been suspended owing to ‘rupee volatility.’ Toyota IMC and Kia LMCL have suspended bookings for the second time in less than two months. Due to the volatility of the current scenario, neither company has provided a resumption timeframe.
More Suspensions Incoming from Other Manufacturers?
Economists fear that Pakistan’s economy is on the verge of collapsing, which has sparked concern across the board, even in the auto industry. Automobile sales fell sharply last month as a result of booking suspensions issued by numerous car makers for similar reasons.
According to industry sources, all automakers are monitoring the situation. They believe that as the value of the Pakistani rupee crosses Rs. 200, more vehicle firms may halt bookings indefinitely.