KARACHI: KIA Motors has announced to maintain car prices in Pakistan.
Lucky Motor Corporation (LMC) is a Pakistani automobile manufacturer which is a part subsidiary of South Korean automobile manufacturer Kia Motors.
The press release issued by Lucky Motors stated that LMC has always believed in being fair and transparent in our pricing policy; being a customer centric company we took the unprecedented decision to maintain our vehicle prices for over 2 years since the launch of our flagship models; revising the same at an average of only once over the past 4 years.
While companies have been forced to take a wait and watch strategy to monitor the fluctuation in the exchange rate to see where prices will go, the increase was inevitable.
To help sustain our business, we recently increased the price by 14 per cent on the July 18, 2022; which we feel was a reasonable increase given the significant devaluation of the Pakistani Rupee against US Dollar; whereas during the same period, other industry players had taken the decision to increase prices between 19 per cent and 23 per cent, which has very recently been corrected to bring the increase of parity with Kia, as can be seen in the table below.
|July, 2022||14 per cent||19-23 per cent|
|Correction||No Change||6-9 per cent|
|After Correction||14 per cent||15 per cent|
We are happy to see that in the greater interest of the market and its customers the price have been corrected to bring them at a fair level and we feel great pride in creating a precedent and setting the benchmark for everyone in terms of price setting.
Keeping the above in mind, we will be maintaining our prices at this time.