Lucky Motor Corporation (LMC) has become the first car manufacturer in the country to announce a major price increase in 2024.
According to a notification issued on Thursday, LMC informed customers about an increase in prices of two Kia models effective from 1st February. However, the company didn’t mention any reason behind its decision.
The base Kia Picanto MT now costs Rs. 3,600,000 up from Rs 3,350,000 following an increase of Rs. 250,000.
Similarly, the price of Kia Sportage Alpha has also experienced a price hike of Rs. 250,000. Following the price increase, it now costs Rs. 7,550,000 instead of Rs. 7,300,000.
“All new customer orders booked in LMC system effective 1st February 2024 will be delivered at revised Ex-Factory Price,” the notification added.
It is pertinent to mention that LMC decided against increasing the prices of KIA models, including Picanto AT, Stonic EX+, Sportage FWD, AWD, Sorento, and Carnival.
The price hike has been announced when customers struggle to purchase new vehicles. The lack of interest from consumers has compelled major auto manufacturers to announce offers to entice buyers, with Kia recently announcing a limited-time cash-back offer on all variants of Sportage until February 29, 2024.