Automotive Development Policy (ADP) 2016-21 opened doors for a plethora of new automakers to enter Pakistan. It also gave the masses hope for more variety in the local car market.
Although the variety and competition did come to Pakistan, it only benefitted the high-end car buyers. Almost every new car maker kept or shifted their focus to big sedans or SUVs which aren’t affordable for the masses.
Kia, Hyundai, and Peugeot — with the exception of Picanto — mostly focus on Rs. 4 million-plus cars that appeal to a relatively limited niche of buyers. After 2022’s price hike saga, these cars have gotten even more expensive.
Here’s how much these three automakers have increased their car prices in 2022
Kia Lucky Motor Corp
| Variants | January 2022 Prices (Rs.) | December 2022 Prices (Rs.) | Increase (Rs.) | Change (%) |
| Picanto M/T | 2,186,000 | 3,100,000 | 914,000 | 42% |
| Picanto A/T | 2,292,000 | 3,200,000 | 908,000 | 40% |
| Sportage Alpha | 4,764,000 | 6,250,000 | 1,486,000 | 31% |
| Sportage FWD | 5,276,000 | 6,750,000 | 1,474,000 | 28% |
| Sportage AWD | 5,768,000 | 7,250,000 | 1,482,000 | 26% |
| Stonic EX | 3,750,000 | 4,545,000 | 795,000 | 21% |
| Stonic EX+ | 3,975,000 | 4,848,000 | 873,000 | 22% |
| Sorento 2.4 FWD | 6,836,000 | 7,800,000 | 964,000 | 14% |
| Sorento 2.4 AWD | 7,499,000 | 8,500,000 | 1,001,000 | 13% |
| Sorento V6 FWD | 7,499,000 | 8,500,000 | 1,001,000 | 13% |
Hyundai Nishat Motors
| Models | Prices in January 2022 (Rs.) | Prices in October 2022 (Rs.) | Increase (Rs.) | % Change |
| Tucson GLS Sport FWD | 5,549,000 | 6,899,000 | 1,350,000 | 24% |
| Tucson Ultimate AWD | 5,999,000 | 7,399,000 | 1,400,000 | 23% |
| Elantra GL 1.6 | 4,299,000 | 5,099,000 | 800,000 | 19% |
| Elantra GLS 2.0 | 4,399,000 | 5,699,000 | 1,300,000 | 29% |
| Sonata 2.0 | 6,859,000 | 8,149,000 | 1,290,000 | 19% |
| Sonata 2.5 | 7,749,000 | 8,899,000 | 1,150,000 | 15% |
Peugeot Lucky Motor Corp.
| Models | Prices in January 2022 (Rs.) | Prices in October 2022 (Rs.) | Increase (Rs.) | % Change |
| 2008 Active | 5,250,000 | 5,400,000 | 150,000 | 3% |
| 2008 Allure | 5,850,000 | 6,100,000 | 250,000 | 4% |
Peugeot’s demand is relatively intact due to its minimal price increase and already weak demand. Hyundai and Kia on the other hand aren’t doing so well due to insufficient inventory owing to the non-approval of letters of credit (LC) by the State Bank.
Also, due to gargantuan price hikes, the demand for these cars has also diminished. Although, provided that our economy recovers, crossovers and big sedans may witness another boom in sales.
