KIA Motors cuts car prices in Pakistan as rupee appreciates
By MG News | October 05, 2023 at 11:10 PM GMT+05:00
October 05, 2023 (MLN): Owing to the recent appreciation of the Pakistani Rupee (PKR) against the U.S. dollar, Lucky Motor Corporation (LMC) has decided to pass on the benefit to its consumers by reducing the prices of their vehicles, as revealed in a press statement issued by the company today.
The respective reductions and updated prices will be effective from October 6, 2023.
LMC through this development, expresses its commitment as a customer-centric organization, being open and transparent with its valued customers.
It is pertinent to note that the local currency has been on an upward trajectory, appreciating against the US dollar for 22 consecutive trading sessions.
Moreover, PKR finished the month of September marked by second-best performance since 2014 in percentage terms, gaining 6.19% against the US Dollar, and took home the coveted title of best-performing currencies in the world for the month.
This positive momentum is attributed to the army-backed crackdown on the illegal dollar trades that has improved transparecy.
LMC is a Pakistani automobile manufacturer which is a part subsidiary of South Korean automobile manufacturer Kia Motors.
| Existing (PKR) | Revised (PKR) | Difference (PKR) | |||
|---|---|---|---|---|---|
| Product | Variant | Variant | Ex-Factory including CVT | Ex-Factory including CVT | |
| Picanto | AT | Full payment | 3,950,000 | 3,850,000 | (100,000) |
| Sportage | FWD | Full payment | 8,190,000 | 8,040,000 | (150,000) |
| Sportage | AWD | Full payment | 8,920,000 | 8,770,000 | (150,000) |
| Sportage | Black Limited Edition | Full payment | 9,650,000 | 9,300,000 | (350,000) |
| Sorento | 2.4L FWD | Full payment | 10,800,000 | 10,300,000 | (500,000) |
| Equal Monthly installment | 10,800,000 | 10,800,000 | - | ||
| Sorento | 2.4L AWD | Full payment | 11,700,000 | 11,200,000 | (500,000) |
| Equal Monthly Installment | 11,700,000 | 11,700,000 | - | ||
| Sorento | 3.5L FWD | Full payment | 11,790,000 | 11,290,000 | (500,000) |
| Equal Monthly installment | 11,790,000 | 11,790,000 |
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