KARACHI: Lucky Motors Corporation Limited (LMCL), the manufacturers of KIA Motors in Pakistan, has announced massive increase up to 19.3 per cent in car prices effective from July 19, 2022 due to sharp depreciation in rupee value against the US Dollar.
According to a press release issued on Tuesday, the car maker stated that due to continuous devaluation of the Pakistani Rupee to the US dollar the company was compelled to increase the prices of KIA products effective from July 19, 2022.
Following are the existing and revised prices of various models of KIA Motors:
Picanto MT has been increased by 19.3 per cent to Rs3.1 million from Rs2.6 million.
Picanto AT has been increased by 18.52 per cent to Rs3.2 million from Rs2.7 million.
Stonic EX has been increased by 1.8 per cent to Rs4.55 million from Rs4.47 million.
Stonic EX+ has been increased by 2 per cent to Rs4.85 million from Rs4.77 million.
Sportage Alpha has been increased by 16.82 per cent to Rs6.25 million from Rs5.35 million.
Sportage FWD has been increased by 15.19 per cent to Rs6.75 million from Rs5.86 million.
Sportage AWD has been increased by 13.99 per cent to Rs7.25 per cent from Rs6.36 per cent.
Sorento 2.4L FWD has been increased by 13.04 per cent to Rs7.80 million from Rs6.90 million.
Sorento 2.4L AWD has been increased by 12.29 per cent to Rs8.50 million from Rs7.57 million.
Sorento 3.5L has been increased by 12.29 per cent to Rs8.50 million to Rs7.57 million.
Carnival GLS PP has been increased by 9.57 per cent to Rs12.6 million from Rs11.5 million.
The company further said that price revision is effective from July 19, 2022 and would not be applicable to customers, who had already made full payment by July 18, 2022 as well as those customers whose PBO delivery commitments were of June 2022 or before.
According to the terms and conditions the company said all customers who had paid the full amount and the same is realized in the LMC bank account till July 18, 2022 would qualify for existing ex-factory price. However, government taxes including withholding tax and capital value tax would apply as per the federal budget 2022-2023.
“All customers who are sales tax registered but not active will be charged further sales tax at 3 per cent as per new Finance Act, 2022. This further sales tax will be part of ex-factory price for such customers,” the company added.