Following the release of the 2021-22 Fiscal Budget, there has been a lot of speculation among analysts and enthusiasts about the reduction of car prices in Pakistan. As of recent reports, Kia Lucky Motors has already brought about the much-anticipated change across the entire lineup of their vehicles.
Sources say that although these prices have been enacted internally, the company has not yet made this information public. The company is awaiting the Statutory Regulatory Orders (SRO) to be released by the government, so as for the tax and duty reliefs to become final.
As per our sources, Kia Lucky Motors has directed the dealerships to take the bookings of their vehicles with the following price cuts:
|Vehicles||Old Prices (PKR)||Price Reduction (PKR)||New Prices (PKR)|
|Sorento 2.4 FWD||6,999,000||163,000||6,836,000|
|Sorento 2.4 AWD||7,999,000||187,000||7,812,000|
|Sorento 3.5 V6||8,399,000||196,000||8,203,000|
Furthermore, the partial booking amounts of the Picanto hatchback and the Sportage SUV have also been reduced. Picanto’s booking price has been reduced from Rs. 1 million to Rs 0.75 million, whereas that of the Sportage has been reduced from Rs. 2 million to Rs. 17.5 million.
Kia Lucky Motors has been quite consistent in terms of maintaining the prices of its vehicles since day one. Even during the 2nd and 3rd quarter of the 2020 calendar year, which was a tough time for the entire automotive industry due to the lockdown and devaluation of the local currency, the company kept their prices intact, while other companies introduced multiple price hikes.
The current step from Kia is also an admirable one, as it would enable the company, through positive word of mouth, to garner a larger market share for itself.