Tag: Kia Lucky Motors

  • KIA Stonic EX+ price slashed by Rs1.5 million in Pakistan

    KIA Stonic EX+ price slashed by Rs1.5 million in Pakistan

    Lucky Motor Corporation (LMC) has announced a significant reduction in the price of the KIA Stonic EX+ in Pakistan, a move that comes amid sluggish sales for the popular car model.

    The company, presenting the price cut as a “celebratory limited-time offer,” revealed on Monday that the new price for the Stonic EX+ is Rs4,767,000—a substantial drop of Rs1,513,000 from its previous cost of Rs6,280,000.

    The announcement closely follows the recent price reduction of KIA’s compact SUV, the Sportage, which saw a decrease of up to Rs300,000.

    This sequence of price adjustments indicates a possible market trend towards more affordable pricing in response to consumer demand and purchasing power in Pakistan’s automotive sector.

    LMC’s official statement noted that the price reduction is part of the company’s celebration of five years of CKD (completely knocked down) operations in Pakistan. The company expressed gratitude for customer support and explained that the price revision is intended to mark this milestone.

    “As we complete 5 years of our CKD operations, we are filled with gratitude for your unwavering support and thank you for your help in achieving this significant milestone in Pakistan. To mark this occasion, we are thrilled to introduce a celebratory limited-time price offer on our beloved Kia Stonic,” the statement read.

    However, industry experts suggest that the price drop might be driven by sluggish sales and lower offtake of the vehicle, rather than purely by celebratory reasons.

    The timing of the price revision, coming on the heels of another significant price reduction, raises questions about the broader market dynamics and the company’s strategy to boost sales.

    The new pricing for the KIA Stonic EX+ is set to take effect on April 29, 2024, and customers will likely watch closely to see if this move leads to a resurgence in the vehicle’s popularity in the Pakistani market.

  • 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.

  • 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.