Tag: KIA

  • Lucky Motor Corporation increases Kia car prices by up to Rs4 lakh

    Lucky Motor Corporation increases Kia car prices by up to Rs4 lakh

    Lucky Motor Corporation Limited (LMCL) has implemented price increases across all Kia car models, with the exception of Picanto Manual, Stonic EX, and Carnival. The company has not provided a specific justification for this price surge.

    It is worth noting that, in contrast to the previous price adjustment, the company has also raised the price of the Picanto. As of July 5, the revised prices for the various models are outlined in the following table:

    Model Old price (Rs) New price (Rs) Hike (Rs)
    Picanto Automatic 3,625,000 3,825,000 200,000
    Stonic EX+ 5,930,000 6,050,000 120,000
    Sportage Alpha 7,050,000 7,300,000 250,000
    Sportage FWD 7,940,000 8,190,000 250,000
    Sportage AWD 8,570,000 8,820,000 250,000
    Sportage Black Edition 9,050,000 9,300,000 250,000
    Sorento FWD 10,400,000 10,800,000 400,000
    Sorento AWD 11,300,000 11,700,000 400,000
    Sorento V6 11,390,000 11,790,000 400,000

    Previously, the company held a notable market share and was mentioned alongside Pakistan’s leading car manufacturers until mid-2022. However, currently, Kia’s car sales have dwindled to merely a few hundred units.

    Although there was a slight increase in sales for the company last month, it was not substantial enough to make a significant impact. Given the prevailing circumstances, it is understandable that all automakers in Pakistan are focused on survival.

  • All-black everything: Kia Sportage Black Edition launches in Pakistan

    All-black everything: Kia Sportage Black Edition launches in Pakistan

    Kia Lucky Motor Corporation has introduced a new version of its Sportage SUV, named the ‘Black Limited Edition.’ This latest model is the top-of-the-line version of Sportage in Pakistan.

    The company recently held an unveiling event of the vehicle for its clients and industry experts in major cities across Pakistan, where they discussed the enhancements made to the latest variant.

    The ‘Black Edition’ is primarily a cosmetic package and comes exclusively with an All-Wheel Drive (AWD) powertrain configuration. The new variant features a gloss black front grille, 19″ gloss black alloy rims, gloss black rear scuff-plate, dark-satin mouldings, darkened Kia, Sportage, and AWD emblems, and an all-black leather-wrapped interior. However, the primary features and performance figures of the new model remain the same as the standard Sportage.

    Kia plans to produce the ‘Black Edition’ for a limited time, which could last up to a year. While the new model is visually appealing, its price is relatively high compared to other SUVs on the market. According to Pakwheels, the Sportage Black Edition is priced at Rs9.05 million, which is significantly more than its competitors like the MG HS and Hyundai Tucson.

    Despite the cost, given the Sportage’s overall popularity, the ‘Black Edition’ may still prove to be a big success.

  • Car sales in Pakistan drop by 65% due to low purchasing power, supply chain disruptions

    Car sales in Pakistan drop by 65% due to low purchasing power, supply chain disruptions

    According to data from the Pakistan Automotive Manufacturers Association (PAMA), passenger car sales in Pakistan experienced a significant decline of 65 per cent in January 2023 compared to the same period the previous year. This was attributed to a shortage of raw materials, low purchasing power, and price surges.

    With the exception of Suzuki’s Swift, sales of all other variants of cars, trucks, buses, tractors, pick-ups, and three-wheelers, as well as two-wheelers, also dropped in January 2023.

    The seven-month sales data for FY23 showed a 43 per cent drop compared to the same period last year, with passenger car sales decreasing by 65 per cent to 6,021 units. In January 2023, engine-wise sales data showed that sales of 1,300cc and above cars were recorded at 4,207 units, down 55.5 per cent compared to the same period last year. Additionally, 1,000cc cars recorded sales of 1,214 units, a decrease of 55.2 per cent from the same period the previous year.

    In January 2023, sales of passenger cars with engines less than 1,000cc plummeted to 600 units, down 88 per cent from 4,820 units sold in the same period last year.

    Sales of Suzuki’s new Alto were particularly hard hit, dropping to 44 units from 3,864 units last year, as the company was unable to produce any due to raw material shortages. Commercial vehicle sales were also impacted, with buses and trucks declining to 470 units from 778 units in January 2022.

    Despite this, the sale of jeeps and pickups increased to 4,846 units from 3,625 units sold last year, largely due to an increase in sales of Honda BR-V and HR-V. Tractor sales, on the other hand, decreased to 3,406 units from 4,966 units in January 2022.

    Meanwhile, sales of rickshaws and motorcycles dropped to 109,558 units from 153,658 units in the same period last year. According to Topline Securities, Pakistan’s overall car sales, including those of non-PAMA members, stood at around 11,500 units, down 37 per cent from the previous month, primarily due to Pak Suzuki’s inability to produce due to the non-availability of CKD parts.

    In January 2023, the automotive industry in Pakistan experienced a 47 per cent year-on-year drop in sales, contributing to a 39 per cent decline in sales for the first seven months of FY23. According to Sunny Kumar, an analyst for Topline Securities, this is due to rising car prices, costly auto financing, and limited consumer purchasing power.

    Pak Suzuki (PSMC) was hit particularly hard, with sales falling to 2,946 units, the lowest level since April 2020, largely due to a credit letters issue. In contrast, Hyundai sales increased 81 per cent month-on-month, with Tuscon sales up 69 per cent and Sonata sales up 241 per cent in January 2023. In the tractor sector, Millat Tractors and Al-Ghazi Tractors recorded increased sales in January 2023 compared to the previous month.

    However, the industry’s overall sales have dropped by 53 per cent YoY to 14,919 units in 7MFY23, affected by floods, plant shutdowns, higher prices, and low consumer purchasing power.

  • Kia increases car prices by up to Rs1.3 million ‘due to significant devaluation of Pakistani rupee’

    Kia increases car prices by up to Rs1.3 million ‘due to significant devaluation of Pakistani rupee’

    As the value of the Pakistani rupee (PKR) against the US dollar falls to an all-time low, Kia Lucky Motors Corporation (KLMC) has announced a significant hike in their car prices in Pakistan.

    Details indicate that, depending on the model, the manufacturer has increased the price of the Kia Picanto, Kia Sportage, Kia Stonic, Kia Sorento, and Kia Carnival in Pakistan by up to Rs1.3 million.

    “Due to the significant and unprecedented devaluation of PKR to USD during the last couple of days, it has become inevitable for LMC to increase the current ex-factory prices of all its vehicles,” the company announced in its notification to dealers.

    The new rates will go into effect on January 31, 2023.

    “While the impact of the devaluation of PKR to USD has been immense, LMC, being a customer-centric organization, has decided not to pass the full impact thereof to its valued customers,” it said, adding that only a partial impact is being passed on to the customer and the rest has been absorbed by LMC.

    It is important to note that on January 30, 2023, the interbank market closed with the Pakistan rupee at an all-time record low of Rs269.63 versus the US dollar.

    The price of the Kia Picanto in Pakistan has been increased by a massive Rs100,000 for both variants, bringing the new price of the M/T variant to Rs3,200,000 and the A/T variant to Rs3,400,000, compared to the old prices of Rs3,100,000 and Rs3,400,000, respectively.

    Here are the new prices for all Kia cars:

  • Pakistan’s auto sector witnesses 39% increase in car sales in November

    Pakistan’s auto sector witnesses 39% increase in car sales in November

    According to data from the Pakistan Automotive Manufacturers Association, sales of passenger cars increased slightly in November 2022 compared to the same month in 2021.

    Analysts anticipate more improvement in the upcoming months due to the better availability of raw materials for the automakers following an increase in the issue of letters of credit. In percentage terms, the increase was 39 per cent month over month.

    According to The News, sales of all other models of cars, lorries, buses, tractors, jeeps, pick-ups, three-wheelers, and two-wheelers, other than the Suzuki Alto, decreased in November 2022 compared to November 2021.

    On the other hand, compared to the 90,303 units sold during the same period last year, car sales fell by 39 per cent in the first five months of FY23 to 55,144 units.

    According to PAMA data, there were 15,444 passenger car sales in November 22 as opposed to 15,351 in the same month last year, a rise of 0.60 per cent or 93 units. In November 2022, sales jumped from 11,129 units sold in October 2022 by 39 per cent, or 4,315 units.

    Sales of cars with 1300cc displacement or more were reported at 5,831 units during this time period, a 28 per cent decrease from the 8,102 units sold during the same period the previous year.

    Compared to 3,641 units sold during the same month last year, 1,854 units of 1000cc automobiles were sold in November 2022 (1,136 units of the Suzuki Cultus and 718 units of the Suzuki WagonR).

    Sales of sub-1 000cc cars were 7,759 units, an increase of 4,150 units, or 115 per cent, over the 3,609 units sold the previous year.

    Sales of the new Suzuki Alto were astounding, reaching 7,255 units, a 282 per cent increase over the 2,420 units sold the year before.

    Bus and truck sales dropped from 532 units in November 2021 to 342 units in November 2022. Jeep and pickup truck sales decreased from 3,363 vehicles sold during the same period last year to 2,947 units sold in 2022.

    Tractor sales, on the other hand, decreased from 4,617 units in November of last year to 1,240 units last November. In November 2022, 110,529 motorbikes and rickshaws were sold, compared to 166,731 in the same month the previous year.

    According to a Topline Securities study, Pakistan’s overall automobile sales were roughly 20,000 units, up 35 per cent month-over-month, mainly because CKD parts were more readily available in November 2022 than they were in October 2022, which increased output.

    In November 2022, Pak Suzuki reported a growth of 55 per cent month over month to 12,400 units, followed by Honda Cars’ increase of 38 per cent month over month to 1,973 units.

  • Hyundai sedan prices raised up to Rs830,010 amid rupee devaluation

    Hyundai sedan prices raised up to Rs830,010 amid rupee devaluation

    Hyundai Nishat, like other automakers, has announced a major hike in costs for the Elantra and Sonata variants as a result of the unstable local currency and increased tax rates.

    The updated price for the Hyundai Elantra 2.0 is Rs5,499,000 (including CVT) compared to the old rate of Rs4,998,490 after an increase of Rs500,510. The new price for the Hyundai Elantra 1.6 in Pakistan is Rs5,099,000 (including CVT) compared to the old rate of Rs4,341,9900 after an increase of Rs757,010.

    The revised price of the Hyundai Sonata 2.0 is Rs7,899,000 (with CVT) in Pakistan, up Rs830,010 from the previous rate of Rs7,068,990, while the updated price of the Hyundai Sonata 2.5 is Rs5,499,000 (including CVT), down Rs571,510 from the previous rate of Rs7,927,490.

    Due to local currency devaluation, logistical expenses, tax rate increases, and overall economic uncertainty in the nation, Pakistan’s auto sector is struggling.

    During intraday trade today, the Pakistani Rupee (PKR) lost value against the US Dollar (USD) and fell below the Rs238 mark. The local currency was trading at Rs238.50 in the open market at noon after losing more than Rs5.57 in relation to the dollar.

    Major automakers have been compelled by these problems to lower their production goals in Pakistan. While Honda Atlas Cars Limited (HACL) and Kia Lucky Motor Corporation Limited (KLMCL) are switching to single-shift manufacturing schedules, Toyota Indus Motor Company (IMC) has ceased production for an unknown length of time.

  • Hyundai-Nishat announces a hefty price hike following KIA

    Hyundai-Nishat announces a hefty price hike following KIA

    Hyundai-Nishat Motors raised the pricing of its Tucson variants by Rs1.1 million, citing the decline in the currency as the primary cause, following Lucky Motor Corporation’s price increases for its KIA-brand vehicles.

    After an increase of Rs1.1 million price increase for the c, the Hyundai Tucson FWD model is now offered for Rs6.89 million. The price of the AWD version has increased by Rs1.1 million to Rs7.39 million.

    According to a sales representative, the company would accept reservations upon full payment, and delivery is anticipated to occur in August and not take longer than 60 days.

    Prior to that, Lucky Motor announced an increase in the prices of its KIA-brand vehicles starting on July 19, with the rise reaching as high as Rs1.1 million.

    The corporation said that the ongoing depreciation of the rupee versus the dollar was to blame for their need to raise pricing.

    “Kia and Hyundai have taken the initiative to increase car prices but the rest of the automakers will follow too,” said Sunny Kumar, Research Analyst at Topline Securities.

    “The last pricing most of the carmakers did was when the dollar stood at Rs185. It has now crossed Rs225. The price hike was imminent and announcements from other automakers could be expected anytime now.”

    According to Brecorder, the CEO of Lucky Motor Corp, Asif Rizvi, acknowledged that the auto sector primarily employs imported materials and that localised parts also contain a large percentage of foreign components while speaking on the sidelines of the Peugeot 2008 launch in March.

  • Getting a new car? Check out the new advance tax imposed on your favourite vehicle

    Getting a new car? Check out the new advance tax imposed on your favourite vehicle

    The government has released the fiscal budget for 2022-23, which includes several changes, including a 200 per cent advance tax on the purchase of cars with engine displacements greater than 1600cc for non-filers.

    This decision is likely to possess a considerable effect on the sales of several cars in Pakistan, which have already witnessed multiple price hikes in previous months. The tax amount for non-filers has now been doubled, which will have an influence on new car sales, particularly those with larger engines.

    The advance tax will now be applicable to several famous vehicles that have dominated the auto industry for years now from well-known manufacturers, including old players like Honda and Toyota, as well as new players like Hyundai, Kia, DFSK and BAIC.

    Taxes for filer and non-filer

    Toyota Corolla Altis Grande, 1800cc, ranges from Rs4,499,000-4,859,000, Tax for filer: Rs150,000, Tax for non-filer: Rs300,000

    Hyundai Elantra GLS, 2000cc, priced at Rs4,949,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    Hyundai Tucson, 2000cc, ranges from Rs5,799,000-6,299,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    Hyundai Sonata 2.0, 2000cc, priced at Rs6,999,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    DFSK Glory 1.8 CVT, 1800cc, priced at Rs5,159,000, Tax for filer: Rs150,000, Tax for non-filer: Rs300,000

    Kia Sportage, 2000cc, priced at Rs5,300,000-6,300,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    BAIC BJ40, 2000cc, priced at Rs8,199,000, Tax for filer: Rs200,000, Tax for non-filer: Rs400,000

    Hyundai Sonata 2.5, 2500cc, priced at Rs7,849,000, Tax for filer: Rs300,000, Tax for non-filer: Rs600,000

    Kia Sorento, 2400cc, ranges from Rs6,836,000-7,499,000, Tax for filer: Rs300,000, Tax for non-filer: Rs600,000

    Toyota Fortuner, 2700-2800cc, ranges from Rs9,959,000-12,679,000, Tax for filer: Rs400,000, Tax for non-filer: Rs800,000

    Toyota Hilux, 2800cc, ranges from Rs7,359,000-9,729,000, Tax for filer: Rs400,000, Tax for non-filer: Rs800,000

    Isuzu D-Max V-Cross, 3000cc, ranges from Rs6,600,000-6,960,000, Tax for filer: Rs400,000, Tax for non-filer: Rs800,000

    Kia Sorento V6, 3500cc, ranges from Rs7,499,000, Tax for filer: Rs450,000, Tax for non-filer: Rs900,000

    Local vehicle assemblers are dissatisfied with the new budget, claiming that the government unilaterally raised advance tax on motor vehicles larger than 1,600cc because the industry did not propose it. They claim that the decision is also discriminatory and will reduce auto sales.

    Read more: Energy sector to get a massive portion of the Rs699 billion subsidy

    Advance tax on motor vehicles larger than 1600cc has been doubled, while electric vehicles costing Rs5 million or more will be subject to a 3 per cent tax.

  • Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    The latest data provided by the Pakistan Automotive Manufacturing Association (PAMA) shows that overall car sales climbed by 53.78 per cent during the first nine months of the current fiscal year 2021-22 (July-March) compared to the same period in the past financial year.

    Keeping in view the recent figures, 172,612 vehicles were delivered in the time period under consideration, compared to 112,244 cars in the previous year. In March 2022, the country’s car sales climbed by 33.28 per cent on a year-over-year (YoY) basis when compared to the same month in 2021.

    In March 2022, car sales soared to 22,799 units, up from 17,105 units in the same month the previous year. considering the breakdown of the numbers, around 26,830 combined units of Honda Civic and City were sold in the fiscal year 2021-22, compared to 18,816 units in 2021, indicating a 42.59 per cent increase.

    The sale of Toyota Corolla and Yaris sedans increased by 24.93 per cent in the same time, rising to 43,695 units from 34,975 units the previous year. Suzuki Swift sales, on the other hand, fell by 73.78 per cent, from 1,896 units in July-March 2020-21 to 497 units. The drop witnessed in sales of Suzuki Swift was due to the production cut of the older Swift, which was scheduled to be replaced by the fourth generation in February of this year.

    Read more: Toyota Pakistan records highest monthly sales, selling 7,132 vehicles in March 2022

    With 53,241 units sold so far in the fiscal year 2022, Pakistan’s smallest engine size vehicle, the 660cc Alto, is now the most popular. It is worth noting that the mini hatchback is also the country’s ‘cheapest’ four wheeler from the big three.

  • Car prices in Pakistan expected to increase by 15 per cent

    Three prominent automakers in Pakistan including Suzuki, Honda, and Hyundai are expected to announce a price hike within two weeks, due to the depreciation of the rupee against the US dollar and rising prices of imported raw materials.

    Analysts expect car prices to increase by up to 15 per cent. It is worth noting that Pak Suzuki and Kia Lucky Motors have already announced a price hike for their vehicles.

    Experts predict that more auto assemblers and Original Equipment Manufacturers (OEM) are expected to jump on the price hike bandwagon.

    Considering the imminent price hike, Suzuki Bolan may witness an increase of Rs. 172,000 in its current price of Rs. 1.17 million, which will cost Rs. 1.35 million after the hike.

    The all-new Honda Civic Vti Oriel 2022 which costs Rs. 5.4 million is expected to be priced at Rs. 6.2 million after a massive increase of Rs. 810,000 in its current price.

    Hyundai’s only sedan, the 2.0 Hyundai Elantra GLS after getting the expected hike will cost Rs. 5.1 million as compared to its current price of Rs. 4.4 million.

    Read more: ‘Hamaray paas paisa ziada aya hai’: PM Khan reveals reason for slashing petrol, diesel prices

    Rising inflation and hefty petrol prices have immensely impacted the lives of people, as it has forced several car owners to switch to a two-wheeler for daily commuting.