In a promising development, Lucky Motor Corporation Limited (LMCL) has resumed bookings for its best-selling cars.
The company had suspended bookings for Kia Sportage, Stonic, and Picanto last week without stating a reason. However, market reports reckon that the company wanted to re-evaluate its pricing. Shortly thereafter, Kia increased the prices and restarted bookings.
Last week, Toyota IMC also suspended bookings, which it resumed earlier this week. According to analysts, several more price hikes and booking suspensions are likely to occur this year due to the volatility of local currency and soaring operational costs.
Kia continues to enjoy strong demand for its cars despite the price hikes. As per unofficial reports, the company sold north of 1,000 units, the majority of which consisted of Kia Sportage.
The recent price hike has driven the value of Kia vehicles much higher, which is likely to impact the company’s demand.
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