In a welcome development for car enthusiasts and potential buyers in Pakistan, Lucky Motor Corporation (LMC) has decided to slash the prices of Kia vehicles in response to the recent surge in the value of the Pakistani rupee against the US dollar.
In an official press release, Lucky Motor Corporation (LMC) announced a substantial reduction in the prices of its Kia cars, with discounts of up to Rs. 500,000 on various models. This move is aimed at passing on the benefits of the rupee’s strengthening position against the US dollar to the valued customers of Kia.
“Owing to the recent appreciation of PKR against the USD, we have decided to pass the benefit to our valued customers by reducing the prices of our vehicles.”
LMC
The most significant price cuts were applied to the Kia Sorento variants, including the 3.5L FWD, 2.4L AWD, and 2.4FWD models, each experiencing a substantial Rs. 500,000 reduction in their price tags. As a result, the new prices for these models stand at Rs. 11.29 million, Rs. 11.2 million, and Rs. 10.3 million, respectively.
| Model | Old Price (PKR) | New Price (PKR) | Difference (PKR) |
|---|---|---|---|
| Picanto AT | 3,950,000 | 3,850,000 | -100,000 |
| Sportage FWD | 8,190,000 | 8,040,000 | -150,000 |
| Sportage AWD | 8,920,000 | 8,770,000 | -150,000 |
| Sportage Black Limited Edition | 9,650,000 | 9,300,000 | -350,000 |
| Sorento 2.4L FWD | 10,800,000 | 10,300,000 | -500,000 |
| Sorento 2.4L AWD | 11,700,000 | 11,200,000 | -500,000 |
| Sorento 3.5L FWD | 11,790,000 | 11,290,000 | -500,000 |
It is worth noting that these attractive price reductions are exclusively available to customers who opt for the full payment option.
These new prices came into effect starting October 6, 2023. However, it is essential to be aware that any new or additional duties and taxes imposed by the government and applicable at delivery will be the customer’s responsibility.
The automobile industry in Pakistan, heavily reliant on imports, has experienced substantial price increases over several months due to the rupee’s record depreciation against the dollar. This depreciation made formerly accessible automobiles increasingly unaffordable for the middle class.
However, the recent trend of the Pakistani rupee gaining strength against the US dollar has relieved various sectors, including the automotive industry.
The trajectory of the dollar’s value in the market will significantly influence the extent of price reductions, and market participants will be closely monitoring currency fluctuations to gauge the possibility of additional price cuts in the automobile sector.
Before June, the motorcycle sector experienced a significant decrease in output, partially due to the strengthening of currency and rising gasoline costs.
However, the motorcycle industry is poised for improvements with the current trend of a stable or declining dollar value over the past month.
If this advantageous situation continues, it is anticipated that motorcycle prices may decrease, and production levels could rise, leading to improved market conditions for manufacturers and consumers.
Lucky Motor Corporation’s decision to reduce Kia car prices is a positive development for the Pakistani automobile market.
As the rupee gains strength against the US dollar, consumers can look forward to more affordable options in the automotive sector, potentially signalling a positive shift in the industry’s pricing landscape.
