Lucky Motor Corporation (LMC) has announced a significant reduction in the price of the KIA Stonic EX+ in Pakistan, a move that comes amid sluggish sales for the popular car model.
The company, presenting the price cut as a “celebratory limited-time offer,” revealed on Monday that the new price for the Stonic EX+ is Rs4,767,000—a substantial drop of Rs1,513,000 from its previous cost of Rs6,280,000.
The announcement closely follows the recent price reduction of KIA’s compact SUV, the Sportage, which saw a decrease of up to Rs300,000.
This sequence of price adjustments indicates a possible market trend towards more affordable pricing in response to consumer demand and purchasing power in Pakistan’s automotive sector.
LMC’s official statement noted that the price reduction is part of the company’s celebration of five years of CKD (completely knocked down) operations in Pakistan. The company expressed gratitude for customer support and explained that the price revision is intended to mark this milestone.
“As we complete 5 years of our CKD operations, we are filled with gratitude for your unwavering support and thank you for your help in achieving this significant milestone in Pakistan. To mark this occasion, we are thrilled to introduce a celebratory limited-time price offer on our beloved Kia Stonic,” the statement read.
However, industry experts suggest that the price drop might be driven by sluggish sales and lower offtake of the vehicle, rather than purely by celebratory reasons.
The timing of the price revision, coming on the heels of another significant price reduction, raises questions about the broader market dynamics and the company’s strategy to boost sales.
The new pricing for the KIA Stonic EX+ is set to take effect on April 29, 2024, and customers will likely watch closely to see if this move leads to a resurgence in the vehicle’s popularity in the Pakistani market.
