Kia Lucky Motor Corporation (KLMC) has reportedly shut down bookings for its entire lineup. According to Pakwheels.com, the dealerships cited inventory shortage as the reason behind the booking shutdown.
This is a curious development as the company recently announced a price lock offer for its cars. A report from autojournal.pk claimed that the company has an abundant stock of cars, which it aims to sell before bringing in new inventory.
The report adds that the company has shut down bookings till January 31. Chances are that Kia may resume bookings for its cars at new prices.
A New Wave of Price Hikes
Earlier, Toyota Indus Motor Company (IMC) and Sazgar Engineering Works Limited (SEWL) increased the prices of their cars, possibly sparking the current wave of price hikes. On January 22 and 23, 2023, Honda Atlas Cars Limited and Pak Suzuki Motor Company (PSMC) followed suit with a price hike of their own.
Today, Pakistan has recorded the biggest local currency value slump in history. From Rs. 230 earlier today, the dollar rate has fallen by Rs. 25, coming in at Rs. 255.
After the recent dollar rate hike, the remaining car companies may announce their price hikes at any moment.