February 16, 2021 (MLN): Kia Lucky Motors is all set to launch Sorento, a mid-sized SUV model, in three variants, on Friday, February 19, 2021. While the exact price of the model has not been officially announced yet, certain reports doing the rounds in the market suggest that it may cost between Rs. 7 million and Rs. 9 million.
The features of Sorento have been designed in a way that will certainly bring competition for renowned SUVs in the market, including Toyota Fortuner. Some of the features of the base model include blind-spot collision warning & avoidance assist, rear cross-traffic collision avoidance assist, safe exit assist, smart key with push-button start and remote start, black exterior accents, 18-inch alloy wheels with gloss black pockets, durable Syntex seat trim & heated front seats, optional S AWD package including increased ride height, 18-in gloss black wheels, drive mode select with Snow Mode, and X-Line front & rear bumpers with dark accents and more.
Despite it not being formally listed on Pakistan Automotive Manufacturers Association (PAMA), several brokerage houses have stated that the company is performing extremely well in terms of volumetric sale growth. During the first half of FY2021, the company’s revenue amounted to nearly Rs. 44.3 billion, i.e 3.6x higher as compared to the same period of last year. The gross profit of the company totaled Rs. 3.54 billion, as compared to a gross loss of Rs. 0.3 billion reported during the same period of last year. Now with the launch of Sorento, the topline income of the company is likely to see a substantial jump. According to a report by Intermarket Securities, the sale of Sorento is likely to bring estimated revenues of Rs. 20 billion, as that is what being earned currently by the sale of SUVs in Pakistan.
Kia Motors has been on a launch spree for over two years, as the company is leaving no stone unturned in making the most out of Auto Policy 2016-2021, which provides auto companies with low tariff and tax benefits. The company has been working on a double shift since January 2021, owing to the increase in demand for Picanto and Sportage, which were launched in 2019 and 2020, respectively. The company is now looking forward to launching 2 models besides Sorento before the end of June 2021. One of these models, KIA Cerato, which was supposed to be launched by the end of 2020, will give tough competition to the likes of Honda Civic and Toyota Corolla.
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