AGL 38.15 Increased By ▲ 0.90 (2.42%)
AIRLINK 121.51 Decreased By ▼ -2.51 (-2.02%)
BOP 5.85 Increased By ▲ 0.23 (4.09%)
CNERGY 3.75 Increased By ▲ 0.03 (0.81%)
DCL 8.40 Increased By ▲ 0.15 (1.82%)
DFML 40.89 Increased By ▲ 0.62 (1.54%)
DGKC 84.60 Decreased By ▼ -1.14 (-1.33%)
FCCL 32.70 Increased By ▲ 0.10 (0.31%)
FFBL 65.50 Decreased By ▼ -1.00 (-1.5%)
FFL 10.05 Decreased By ▼ -0.11 (-1.08%)
HUBC 103.80 Increased By ▲ 0.70 (0.68%)
HUMNL 13.25 Decreased By ▼ -0.15 (-1.12%)
KEL 4.43 Increased By ▲ 0.18 (4.24%)
KOSM 7.09 Decreased By ▼ -0.09 (-1.25%)
MLCF 37.50 Decreased By ▼ -0.80 (-2.09%)
NBP 60.25 Decreased By ▼ -4.76 (-7.32%)
OGDC 172.25 Decreased By ▼ -1.55 (-0.89%)
PAEL 24.80 Decreased By ▼ -0.10 (-0.4%)
PIBTL 5.70 Decreased By ▼ -0.10 (-1.72%)
PPL 141.69 Decreased By ▼ -1.01 (-0.71%)
PRL 22.72 Decreased By ▼ -0.26 (-1.13%)
PTC 14.74 Decreased By ▼ -0.37 (-2.45%)
SEARL 64.56 Decreased By ▼ -0.79 (-1.21%)
TELE 7.14 Increased By ▲ 0.14 (2%)
TOMCL 35.50 Decreased By ▼ -1.41 (-3.82%)
TPLP 7.29 Decreased By ▼ -0.05 (-0.68%)
TREET 14.20 Decreased By ▼ -0.08 (-0.56%)
TRG 51.75 Increased By ▲ 2.05 (4.12%)
UNITY 26.60 Increased By ▲ 0.45 (1.72%)
WTL 1.22 Decreased By ▼ -0.02 (-1.61%)
BR100 9,483 Decreased By -118.3 (-1.23%)
BR30 28,371 Decreased By -202.1 (-0.71%)
KSE100 88,967 Decreased By -1319.8 (-1.46%)
KSE30 27,827 Decreased By -515.9 (-1.82%)

In what the company called a “celebratory limited-time offer”, Lucky Motor Corporation on Monday announced a massive 25% decrease in the price of KIA’s Stonic EX+ in Pakistan.

The development comes weeks after the company decreased prices of its compact SUV – Sportage – by up to Rs300,000.

An analyst Business Recorder reached out to said the decrease is due to low offtake of the vehicle, and less to do with “celebration”.

“As we complete 5 years of our CKD [Completely Knocked Down] 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 occassion, we are thrilled to introduce a celebratory Limited-time Price offer on our beloved Kia Stonic,” the company statement read.

Pakistan car sales drop 3% MoM in March

With the latest revision, KIA’s Stonic EX+ will now be sold at Rs4,767,000, with a drop of Rs1,513,000 from its previous price Rs6,280,000.

The price revision takes effect from April 29.

“Overall the pricing strategy of KIA Stonic failed to entice buyers, as evident in numbers with average monthly sales remaining below 100 units,” Usama Rauf, auto sector analyst at AKD Securities, said.

“With the mentioned price decline, the aim seems to directly compete with sedans in the same price range, thereby capturing a portion of their market share. Notably, the company previously decreased the prices of Sportage and Peugeot last month as well.”

Rauf was of the view that overall auto demand is expected to remain sluggish until interest rates drop below 15%. The key policy rate is currently at 22% as the central bank announced 7th straight status quo on Monday.

“Additionally, the SBP needs to consider raising the auto financing cap from Rs3 million to stimulate demand further.”

Mohammad Abrar, auto analyst at Arif Habib Limited, said the decision has been taken to revive demand and capture more market share as the automobile market is becoming more competitive.

Comments

Comments are closed.

Naqash Apr 30, 2024 05:06am
Kia stonic ki jo offer lagi company ki taraf sy ye kab khatm ho gi r price ab 47 he rahy gi kindly reply
thumb_up Recommended (0)
Usman Apr 30, 2024 03:08pm
Its a useless car with outdated features.better to hold on for chinese companies launching new models.they come with excellent features.
thumb_up Recommended (0)
Zeeshan Apr 30, 2024 08:24pm
What about existing customers of Stonic? Is it fair to them to lose 1.5m overnight? This decision raises a big question about Kia's credibility.
thumb_up Recommended (0)
Mehboob Ali May 01, 2024 09:38pm
It's better than swift
thumb_up Recommended (0)
M.Arsalan May 02, 2024 02:49pm
What the stupid price was it before. were they sleeping before.
thumb_up Recommended (0)
Bashir Ahmed May 02, 2024 08:14pm
Sudden shift in policy with delay in delivery, booking with partial payment, and unlocking of price, along with callous and rude attitude of sales persons regarding booking procedure is deplorable.
thumb_up Recommended (0)
humayioun May 02, 2024 10:57pm
old version car.just like swift
thumb_up Recommended (0)
humayioun May 02, 2024 10:57pm
old version car .just like swift
thumb_up Recommended (0)
humayioun May 02, 2024 10:59pm
just like swift only advantage of sunroof.still price is high
thumb_up Recommended (0)
Boss May 08, 2024 07:10pm
@humayioun, 48k difference between swift n stonic
thumb_up Recommended (0)
Boss May 08, 2024 07:10pm
@humayioun, 48k difference between swift n stonic
thumb_up Recommended (0)
Adnan Ali Jul 21, 2024 11:00pm
Stonic details and price
thumb_up Recommended (0)