AIRLINK 63.43 Increased By ▲ 0.23 (0.36%)
BOP 5.46 Increased By ▲ 0.06 (1.11%)
CNERGY 4.68 Increased By ▲ 0.11 (2.41%)
DFML 19.02 Decreased By ▼ -0.71 (-3.6%)
DGKC 70.29 Increased By ▲ 1.29 (1.87%)
FCCL 19.12 Increased By ▲ 0.87 (4.77%)
FFBL 30.86 Increased By ▲ 1.47 (5%)
FFL 9.58 Increased By ▲ 0.27 (2.9%)
GGL 10.16 No Change ▼ 0.00 (0%)
HBL 109.20 Decreased By ▼ -0.86 (-0.78%)
HUBC 127.70 Increased By ▲ 1.69 (1.34%)
HUMNL 6.85 Increased By ▲ 0.12 (1.78%)
KEL 4.39 Decreased By ▼ -0.08 (-1.79%)
KOSM 4.43 Decreased By ▼ -0.02 (-0.45%)
MLCF 37.39 Increased By ▲ 0.79 (2.16%)
OGDC 128.50 Increased By ▲ 0.20 (0.16%)
PAEL 22.80 Decreased By ▼ -0.39 (-1.68%)
PIAA 26.50 Increased By ▲ 0.30 (1.15%)
PIBTL 6.19 Increased By ▲ 0.19 (3.17%)
PPL 112.52 Decreased By ▼ -0.28 (-0.25%)
PRL 26.85 Decreased By ▼ -0.30 (-1.1%)
PTC 16.75 Decreased By ▼ -0.34 (-1.99%)
SEARL 60.72 Decreased By ▼ -1.37 (-2.21%)
SNGP 65.35 Increased By ▲ 1.40 (2.19%)
SSGC 11.05 Increased By ▲ 0.02 (0.18%)
TELE 9.10 Decreased By ▼ -0.13 (-1.41%)
TPLP 11.28 Increased By ▲ 0.28 (2.55%)
TRG 69.85 Decreased By ▼ -1.10 (-1.55%)
UNITY 23.65 Decreased By ▼ -0.30 (-1.25%)
WTL 1.31 Decreased By ▼ -0.07 (-5.07%)
BR100 7,280 Increased By 64.2 (0.89%)
BR30 23,637 Increased By 105.1 (0.45%)
KSE100 70,315 Increased By 694.7 (1%)
KSE30 23,132 Increased By 221.5 (0.97%)

Lucky Motor Corporation (LMC) announced up to Rs500,000 reduction in prices of its KIA vehicles, citing appreciation of the rupee against the US dollar.

“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,” the company said in a press release.

Its Sorento variants – 3.5L FWD, 2.4L AWD, and 2.4FWD – saw the biggest cut of Rs500,000 each in the latest price review. The new prices of these are Rs11.29 million, Rs11.2 million, and Rs10.3 million, respectively.

However, it may be noted that the company has reduced prices of its KIA cars only on the full payment option.

Other KIA models that have witnessed reduction include Sportage (Black Limited Edition) of Rs350,000, Sportage AWD/FWD Rs150,000, and Picanto AT Rs100,000.

The new prices will be effective from October 6, 2023.

“New/additional duties and taxes, if any, imposed by the government and applicable at the time of delivery will be borne by the customer,” the company said.

The auto industry in Pakistan heavily relies on imports, and car prices have seen a significant increase over several months due to rupee’s record depreciation against the dollar.

However, the local unit has consistently recovered in the last 21 consecutive sessions in the inter-bank market, in line with the caretaker government’s initiative to start a large-scale crackdown against currency smugglers.

Comments

Comments are closed.

Tariq Oct 06, 2023 08:05am
If it's showroom price then buyer has to add overhead charges like insurance+E&T Registration charges+FBR taxes+ E&T token taxes +routine maintenance charges with GSTs+day to day fuel ⛽ enhanced prices.etc.etc.
thumb_up Recommended (0)
Usman Oct 06, 2023 03:48pm
Appreciate their decision to reduce prices. Waiting for others to follow...
thumb_up Recommended (0)
M Ali Oct 06, 2023 07:06pm
So for a rupee appreciation by over 20% KIA motors decreased the priced by 2%. People should be thankful. KIA is indeed an honest and principled company. Hopefully the sarcasm here is not too obvious.
thumb_up Recommended (0)
shah Oct 06, 2023 10:28pm
Thank you for reducing the prices and bringing them within the reach of ordinary Pakistanis. Bravo!
thumb_up Recommended (0)
Shaukat Unkil Oct 07, 2023 12:49pm
@Tariq , that's neither here nor there as those overhead costs are applicable either way
thumb_up Recommended (0)