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.