CBUs: Lucky Motor set to launch new KIA electric SUVs in Pakistan
Lucky Motor, the authorised assembler and distributor of KIA-brand vehicles in Pakistan, is set to introduce various models of electric SUVs in different price segments including the high-end EV9, taking a step towards expansion in the country’s electric vehicles (EV) market.
“We are bringing the KIA flagship…top of the line SUV EV9 very soon in Pakistan,” Muhammad Faisal, CEO of Lucky Motor, told Business Recorder on Tuesday.
The vehicles’ CBU (completely-built units) will be introduced in Pakistan.
“We are also considering launching an early model of KIA in the electric vehicle segment…EV3 (a small and compact SUV) in Pakistan in future,” he added.
Faisal said the company received a good response to its debut launch of an EV i.e. SUV EV5 in October 2024, which it delivered to majority buyers this month (January 2025).
Lucky Motor imported and marketed two KIA variants of EV5 like long-range Earth (620KM in one battery charge) at a price of Rs23 million and short-range Air (480KM) for Rs18.5 million in Pakistan.
Industry people say EV5 can be compared with Audi e-tron and Hyundai IONIQ 5 in terms of price and look.
Faisal said corporate executives and business owners are the buyers of the South Korean EV5 in Pakistan. They are mostly belonging to major metropolitan cities including Karachi, Lahore and Islamabad, according to the CEO of Lucky Motor.
“People who have shifted to KIA EV were already driving SUVs (sport utility vehicles) in the country.”
Lucky Motor diversified into Pakistan’s EV market in October 2024 after around five years of its entry into the country.
Faisal said the local market is witnessing a gradual increase in demand for electric vehicles, which are environment friendly and cost half in energy consumption compared to combustion engines. However, people are not buying EVs to cut their fuel consumption, he added.
“Most of the people are buying electric vehicles of different brands in Pakistan as a symbol of status and lifestyle, as EVs are expensive and double the price compared to conventional cars.
“Cost of batteries in EVs is huge. Batteries have a lifespan. They need to be replaced with a new one from time to time like after every 5-7 years to maintain maximum mileage in one charge.”
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He said the government’s moves on the EV front gave Lucky Motor a thought to tap particular classes of customers through introducing KIA’s different models in the EV segment in Pakistan.
“The government is apparently working aggressively to promote EVs in the country despite the fact there are a number of challenges like lack of charging points nationwide and the vehicles lack resale value at present.
“The government is working to give a New Energy Vehicle (NEV) Policy 2025 to promote EVs and partly address climate challenges. It is also collaborating with a Chinese firm to install 3,500 charging stations at an investe of $350 million across the country, he added.
Faisal termed the government’s target to elevate the share of EVs in total sales to 30% by 2030 “overambitious”.
“I guess the share of EVs may not increase more than 10% by 2030.”
The volumetric sales of all cars could increase to around 300,000 in 2030, and some 30,000 cars of them would be EVs, Faisal envisaged.
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