Tag: Sportage

  • Declining sales: KIA slashes Sportage prices by up to Rs300,000

    Declining sales: KIA slashes Sportage prices by up to Rs300,000

    In a strategic move to stimulate demand, Lucky Motor Corporation, formerly known as Kia Lucky Motors Pakistan, has announced a significant reduction in the prices of its popular compact SUV, the Sportage.

    The revised prices, effective from March 4, have been lowered by up to Rs300,000.

    The basic variant, Alpha, has witnessed a substantial decrease of Rs250,000, now priced at Rs7.3 million.

    Additionally, the prices of Sportage’s FWD, AWD, and limited black edition variants have all been reduced by Rs300,000. Consequently, the new prices stand at Rs7.74 million, Rs8.47 million, and Rs9 million, respectively.

    This move comes amid challenging times for the automobile sector in Pakistan, which experienced a significant 50% year-on-year decline in sales during the first half of fiscal year 2024.

    Experts anticipate that Lucky Motor Corporation’s decision to lower Sportage prices could contribute to a resurgence in its sales.

    It’s important to note that while Sportage undergoes a price adjustment, other models such as Picanto and Stonic will maintain their current pricing.

    Kia had already implemented several promotional offers, including installment plans, cashback, and free registration, to entice potential buyers.

    This latest price reduction aligns with the industry trend, as competitors like Chery Tiggo and Changan Oshan have also lowered their prices by Rs300,000.

    Industry observers attribute Sportage’s recent sales challenges to intensified competition, particularly with the introduction of the Corolla Cross in the same price range.

    Although the latter is a hybrid electric vehicle (HEV), it has further heightened the competition in the market.

    Despite Lucky Motor Corporation’s efforts, reports suggest that the previously offered interest-free loan policy and other incentives haven’t generated substantial demand.

    Furthermore, a cashback offer of Rs150,000 on booking across all Sportage variants, which was in place before the price adjustment, failed to attract significant attention from potential buyers.

  • KIA car prices reduced by up to Rs500,000 in Pakistan

    KIA car prices reduced by up to Rs500,000 in Pakistan

    Lucky Motor Corporation (LMC) has announced a substantial reduction in the prices of its KIA vehicles, with savings of up to Rs500,000 for customers. This decision comes as a result of the recent strengthening of the Pakistani rupee (PKR) against the US dollar. 

    The company stated, ” 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.” 

    Among the models affected, the Sorento variants, including the 3.5L FWD, 2.4L AWD, and 2.4FWD, have seen the most significant price reductions, each receiving a cut of Rs500,000. Their new prices are now Rs11.29 million, Rs11.2 million, and Rs10.3 million, respectively. 

    It’s important to note that these reduced prices apply exclusively to customers choosing the full payment option.  

    KIA cars latest prices in Pakistan (effective October 6, 2023)

    Other KIA models have also seen price reductions, with the Sportage (Black Limited Edition) receiving a discount of Rs350,000, Sportage AWD/FWD models getting a reduction of Rs150,000, and the Picanto AT receiving a Rs100,000 price cut. 

    These new prices will come into effect on October 6, 2023. The company has clarified that any new or additional government-imposed duties and taxes applicable at the time of vehicle delivery will be the responsibility of the customer. 

    This price reduction is particularly significant in light of the recent challenges faced by the auto industry in Pakistan, which has experienced rising car prices due to the rupee’s previous depreciation against the US dollar.  

    However, the rupee has been steadily strengthening, with 21 consecutive sessions of improvement in the inter-bank market. This trend aligns with the caretaker government’s efforts to combat currency smuggling. 

  • 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.

  • 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.