Kia’s Price Hike and Sales Slump: What’s Behind the Shift?

Web DeskJuly 7, 2023

Lucky Motor Corporation Limited (LMCL) has announced a price increase for all Kia car models, except for the Picanto Manual, Stonic EX, and Carnival. The company has not provided a specific reason for the price hike. Notably, even the price of the Picanto has been raised this time. The revised prices, effective from July 5, are as follows:

– Picanto Automatic: Current Price (Rs.) 3,625,000 / Revised Price (Rs.) 3,825,000 / Increase (Rs.) 200,000

– Stonic EX+: Current Price (Rs.) 5,930,000 / Revised Price (Rs.) 6,050,000 / Increase (Rs.) 120,000

– Sportage Alpha: Current Price (Rs.) 7,050,000 / Revised Price (Rs.) 7,300,000 / Increase (Rs.) 250,000

– Sportage FWD: Current Price (Rs.) 7,940,000 / Revised Price (Rs.) 8,190,000 / Increase (Rs.) 250,000

– Sportage AWD: Current Price (Rs.) 8,570,000 / Revised Price (Rs.) 8,820,000 / Increase (Rs.) 250,000

– Sportage Black Edition: Current Price (Rs.) 9,050,000 / Revised Price (Rs.) 9,300,000 / Increase (Rs.) 250,000

– Sorento FWD: Current Price (Rs.) 10,400,000 / Revised Price (Rs.) 10,800,000 / Increase (Rs.) 400,000

– Sorento AWD: Current Price (Rs.) 11,300,000 / Revised Price (Rs.) 11,700,000 / Increase (Rs.) 400,000

– Sorento V6: Current Price (Rs.) 11,390,000 / Revised Price (Rs.) 11,790,000 / Increase (Rs.) 400,000

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Kia’s momentum in the Pakistani market has significantly declined due to ongoing economic issues. Until mid-2022, the company was considered one of Pakistan’s largest carmakers in terms of market share. However, recent sales figures have dropped to a few hundred units.

While the company experienced a slight increase in sales last month, it was not enough to make a substantial difference. The current economic circumstances have put all automakers in survival mode, making it challenging for Kia and others to maintain consistent sales.

As Kia implements price adjustments for most of its car models, it faces the ongoing struggle of navigating the economic challenges in Pakistan’s automotive industry. The company will continue to adapt and strategize in order to regain its market share and increase sales in the future.

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