As the value of the Pakistani rupee (PKR) against the US dollar falls to an all-time low, Kia Lucky Motors Corporation (KLMC) has announced a significant hike in their car prices in Pakistan.
Details indicate that, depending on the model, the manufacturer has increased the price of the Kia Picanto, Kia Sportage, Kia Stonic, Kia Sorento, and Kia Carnival in Pakistan by up to Rs1.3 million.
“Due to the significant and unprecedented devaluation of PKR to USD during the last couple of days, it has become inevitable for LMC to increase the current ex-factory prices of all its vehicles,” the company announced in its notification to dealers.
The new rates will go into effect on January 31, 2023.
“While the impact of the devaluation of PKR to USD has been immense, LMC, being a customer-centric organization, has decided not to pass the full impact thereof to its valued customers,” it said, adding that only a partial impact is being passed on to the customer and the rest has been absorbed by LMC.
It is important to note that on January 30, 2023, the interbank market closed with the Pakistan rupee at an all-time record low of Rs269.63 versus the US dollar.
The price of the Kia Picanto in Pakistan has been increased by a massive Rs100,000 for both variants, bringing the new price of the M/T variant to Rs3,200,000 and the A/T variant to Rs3,400,000, compared to the old prices of Rs3,100,000 and Rs3,400,000, respectively.
Here are the new prices for all Kia cars:
