KIA car prices reduced by up to Rs500,000 in Pakistan

Lucky Motor Corporation (LMC) has announced a substantial reduction in the prices of its KIA vehicles, with savings of up to Rs500,000 for customers. This decision comes as a result of the recent strengthening of the Pakistani rupee (PKR) against the US dollar. 

The company stated, ” Owing to the recent appreciation of PKR against the USD, we have decided to pass the benefit to our valued customers by reducing the prices of our vehicles.” 

Among the models affected, the Sorento variants, including the 3.5L FWD, 2.4L AWD, and 2.4FWD, have seen the most significant price reductions, each receiving a cut of Rs500,000. Their new prices are now Rs11.29 million, Rs11.2 million, and Rs10.3 million, respectively. 

It’s important to note that these reduced prices apply exclusively to customers choosing the full payment option.  

Other KIA models have also seen price reductions, with the Sportage (Black Limited Edition) receiving a discount of Rs350,000, Sportage AWD/FWD models getting a reduction of Rs150,000, and the Picanto AT receiving a Rs100,000 price cut. 

These new prices will come into effect on October 6, 2023. The company has clarified that any new or additional government-imposed duties and taxes applicable at the time of vehicle delivery will be the responsibility of the customer. 

This price reduction is particularly significant in light of the recent challenges faced by the auto industry in Pakistan, which has experienced rising car prices due to the rupee’s previous depreciation against the US dollar.  

However, the rupee has been steadily strengthening, with 21 consecutive sessions of improvement in the inter-bank market. This trend aligns with the caretaker government’s efforts to combat currency smuggling.