The capacity of Lucky Motor Corporation Limited (LMC) to keep vehicle costs stable has been acknowledged. Unfortunately, the depreciation of the Pakistani rupee (PKR) and an increase in freight expenses have appeared to undermine its consistency.
With the exception of the Sorento and Carnival, the corporation has raised the prices on all Kia vehicles. The Kia Stonic EX+, a subcompact SUV, is at the top of the list, with the greatest price increase of Rs. 475,000, bringing its price from Rs. 3,975,000 to Rs. 4,450,000.
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Citizens are disappointed as KIA increases its prices again
For the second time in 40 days, LMCL has raised the prices of Kia’s best-selling vehicles. It may have also sparked a new round of pricing spikes in the auto industry. Following Kia’s price hike, it’s logical to assume that Peugeot 2008’s price will rise as well.
With the most recent rise, the KIA Picanto price in Pakistan has already surpassed Rs. 2 million, putting the vehicle out of reach for many middle-class clients. The car was formerly a wonderful option in the 1000cc hatchback segment, but given the competitive nature of the industry, many other vehicles in the new price range are now accessible.
@KiaMotorsPK Kia lucky motors illogical price revised of all variants last night. @SHABAZGIL govt should take action on this illogical hike in prices on cars again and again.. pic.twitter.com/FNh8spkyAf
— Dr. Usama Ghaffar (@UsamaGhaffarPti) March 1, 2022
Kia Stonic was introduced in Pakistan as the cheapest crossover SUV by the company in its vehicle lineup. However, the Price of the Kia Stonic has increased significantly with the new Federal Excise Duty (FED). It bears mentioning that the company isn’t to blame for the current hike in prices as these are the result of increased taxes being imposed by the incumbent government.
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It is pertinent to mention that Lucky Motors has not notified of an increase in the Price of KIA Sorento and KIA Carnival in its notification.
Meanwhile, Atlas Honda, Toyota Indus Motor Company (IMC), and Pak Suzuki Motor Company (PSMC) have also increased the prices for their vehicles in Pakistan.