Rupee crash compels KIA to increase car prices

Rupee crash compels KIA to increase car prices

Lucky Motor Corporation (LMC) has announced to increase the prices of KIA cars due to unprecedented devaluation in Pakistani Rupee (PKR) against US dollar (USD). The revised prices of KIA vehicles are effective from January 31, 2023.

The company said that impact of devaluation of local currency has been partially passed on to the customers and most of the impact is being absorbed by the company.

The local currency fall sharply in last three sessions. The rupee fell by PKR 38.74 or 16.77 per cent during last three sessions.

Currency experts said that rupee fell after the government had agreed to the IMF to meet the conditions for continuation of loan program under Extended Fund Facility (EFF).

The company said in a press release that due to significant and unprecedented devaluation of PKR to USD during last couple of days, it has become inevitable for LMC to increase the current EX-Factory prices of all its vehicles.

While the impact of devaluation of PKR to USD has been immense, LMC being a customer centric organization, has decided not to pass full impact thereof to its valued customers.

Accordingly, therefore, a partial impact is being passed on to the customers whereas most of it is being absorbed by LMC.

Following are the revised prices of KIA vehicles effective January 31, 2023.

The revised price of KIA Picanto MT is Rs3,200,000 as compared to previous price of Rs3,100,000.

The revised price of KIA Picanto AT is Rs3,400,000 as compared to previous price of Rs3,200,000.

The revised price of KIA Stonic EX is Rs4,800,000 as compared to previous price of Rs4,545,000.

The revised price of KIA Stonic EX+ is Rs5,250,000 as compared to previous price of Rs4,848,000.

The revised price of KIA Sportage Alpha is Rs6,500,000 as compared to previous price of Rs6,250,000.

The revised price of KIA Sportage FWD is Rs7,050,000 as compared to previous price of Rs6,750,000.

The revised price of KIA Sportage AWD is Rs7,650,000 as compared to previous price of Rs7,250,000.

The revised price of KIA Sorento 2.4L FWD is Rs8,400,000 as compared to previous price of Rs7,800,000.

The revised price of KIA Sorento 2.4L AWD is Rs9,100,000 as compared to previous price of Rs8,500,000.

The revised price of KIA Sorento 3.5L FWD is Rs9,100,000 as compared to previous price of Rs8,500,000.

The revised price of KIA Carnival GLS EXEC is Rs15,000,000 as compared to previous price of Rs13,699,000.