The Lucky Motor Corporation (LMC) has reduced the prices of all models of KIA vehicles after Pakistani currency appreciated against the US dollar.
The automaker announced the cut in price in a press release, saying it ranges between Rs100,000 to Rs500,000. The new prices will take effect from today.
Its Sorento variants – 3.5L FWD, 2.4L AWD, and 2.4FWD – saw the biggest cut of Rs500,000 each in the latest price review. The new prices of these are Rs11.29 million, Rs11.2 million, and Rs10.3 million, respectively.
However, it may be noted that the company has reduced prices of its KIA cars only on the full payment option.
Other KIA models that have witnessed reduction include Sportage (Black Limited Edition) of Rs350,000, Sportage AWD/FWD Rs150,000, and Picanto AT Rs100,000.
The new prices will be effective from October 6, 2023.
“New/additional duties and taxes, if any, imposed by the government and applicable at the time of delivery will be borne by the customer,” the company said.
The auto industry in Pakistan heavily relies on imports, and car prices have seen a significant increase over several months due to rupee’s record depreciation against the dollar.