In a noteworthy development, Lucky Motor Corporation (LMC) has emerged as the trendsetter by becoming the first car manufacturer in Pakistan to announce a substantial price increase for the year 2024. The official notification issued on Thursday informed customers about the price adjustment affecting two popular Kia models, effective from February 1. Surprisingly, the company did not provide specific reasons for this decision.
The base model, Kia Picanto MT, has seen a significant jump in its price, now standing at Rs. 3,600,000, up from Rs. 3,350,000, reflecting an increase of Rs. 250,000. Similarly, the Kia Sportage Alpha has also experienced a notable price hike of Rs. 250,000, bringing its new cost to Rs. 7,550,000 from the previous Rs. 7,300,000.
The notification clarified that all new customer orders booked in the LMC system from February 1, 2024, onward will be subject to the revised Ex-Factory Price. However, it’s important to note that LMC has chosen not to increase the prices of other KIA models, including Picanto AT, Stonic EX+, Sportage FWD, AWD, Sorento, and Carnival.
This decision comes at a time when customers are grappling with challenges in purchasing new vehicles, leading major auto manufacturers to announce enticing offers to stimulate buyer interest. In response to the evolving market dynamics, Kia recently introduced a limited-time cash-back offer on all variants of Sportage, valid until February 29, 2024.
As the automotive industry in Pakistan navigates through changing economic conditions and consumer demands, LMC’s move to adjust prices for selected Kia models sets the tone for the industry’s trajectory in 2024. The repercussions of this decision and its impact on consumer behavior will be closely watched, shaping the landscape of the automotive market in the coming months. Stay tuned for further updates on the evolving dynamics of the automobile sector in Pakistan.
