The relentless depreciation of the Pakistani Rupee has set off a new price hike saga that is wreaking havoc on the people. The latest to join that saga is Kia Lucky Motor Corporation (KLMC), which has increased its prices by up to an eye-watering Rs. 1.3 million.
Starting today, the new prices of all KLMC vehicles are as follows:
|Variants||Old Prices (Rs.)||New Prices (Rs.)||Increase (Rs.)|
|Sorento 2.4 FWD||7,800,000||8,400,000||600,000|
|Sorento 2.4 AWD||8,500,000||9,100,000||600,000|
|Sorento V6 FWD||8,500,000||9,100,000||600,000|
Production Shut Down
Last week, KLMC shut down bookings for its entire lineup. An official press release from the company states that:
Owing to the recent significant volatility of US Dollar against Pakistani Rupee, we have no other option but to temporarily suspend the bookings of all Kia vehicles. We would like to affirm that once the USD parity with PKR stabilizes, we will resume the bookings for all Kia vehicles.
Shortly, after, Peugeot — the other automaker under Lucky Motor Corporation’s purview — also stopped bookings.
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 ongoing economic situation has thrown all certainty out the window, creating a state of panic in the industry and the people.