KIA Lucky Motor Corporation (LMC) has positioned itself as the trailblazer among Pakistani car manufacturers by announcing a significant adjustment in car prices for 2024.
In a formal announcement released on Thursday, LMC notified its customer base about the forthcoming price adjustments, leaving many inquisitive about the rationale behind this decision.
According to the notification, two popular Kia models, the Kia Picanto MT and the Kia Sportage Alpha, are slated for a noteworthy price increase commencing February 1st.
The base model of Kia Picanto MT will now be priced at Rs. 3,600,000, marking a surge of Rs. 250,000 from its previous tag of Rs. 3,350,000. Similarly, the Kia Sportage Alpha will see its price climb to Rs. 7,550,000, up by Rs. 250,000 from its earlier figure of Rs. 7,300,000.
Interestingly, the announcement did not elaborate on the specific reasons for the price hike.
This strategic move comes at a time when consumers are already grappling with challenges in acquiring new vehicles. Consequently, major auto manufacturers have initiated attractive offers to stimulate demand. Notably, Kia recently introduced a limited-time cash-back offer on all Sportage variants until February 29, 2024.
LMC clarified in the notification that all new customer orders booked after February 1, 2024, would be subject to the revised Ex-Factory Price, causing apprehension among potential buyers.
The decision to exempt certain Kia models, including Picanto AT, Stonic EX+, Sportage FWD, AWD, Sorento, and Carnival, from the price hike has prompted industry observers to speculate about the criteria governing this selection.