In an unprecedented move, Lucky Motor Corporation (LMC) has taken the lead as the first car manufacturer in Pakistan to announce a substantial increase in car prices for the year 2024.
According to an official notification issued on Thursday, LMC informed its customer base about the price adjustments, leaving many puzzled by the decision.
The notification stated that the prices of two popular Kia models, namely the Kia Picanto MT and the Kia Sportage Alpha, would witness a notable uptick starting from February 1st.
The base model of Kia Picanto MT will now cost Rs. 3,600,000, reflecting an increase of Rs. 250,000 from its previous price 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 tag of Rs. 7,300,000.
Curiously, the announcement did not provide any explicit reasons behind the decision to hike the prices.
This move comes at a time when consumers are already facing challenges in purchasing new vehicles, prompting other major auto manufacturers to roll out enticing offers to stimulate demand. Kia, in particular, recently introduced a limited-time cash-back offer on all variants of the Sportage until February 29, 2024.
LMC clarified in the notification that all new customer orders booked in their system after February 1, 2024, would be subject to the revised Ex-Factory Price, raising concerns among prospective buyers.
The decision to spare certain Kia models, including Picanto AT, Stonic EX+, Sportage FWD, AWD, Sorento, and Carnival, from the price hike has left industry observers speculating about the criteria behind the selection.
This development has ignited discussions within the automotive community as customers grapple with the unexpected price surge. The lack of transparency surrounding the decision has led to a sense of uncertainty among potential buyers, who are already facing challenges in the current economic climate.
