Lucky Motor Corp became the latest carmaker to increase prices across its entire KIA lineup, citing currency devaluation and rising freight rates.
“Due to further PKR devaluation against US dollar, coupled with the exuberant increase in sea freight on the import of parts, LMCL (Lucky Motors Company Limited) is constrained to revise the price of its products... with effect from April 18, 2022,” read an official notice by the company.
With the latest hike, ex-factory prices of KIA Sportage, Picanto, and Stonic were increased by as much as Rs300,000.
Following is a comparison of the new prices of each car:
Sportage
KIA Sportage, the company's most popular model, has seen its prices jump by as much as Rs300,000.
The new price of KIA Sportage AWD is Rs6,300,000, up from Rs6,000,000.
The Sportage FWD, which cost Rs5,500,000, is now priced at Rs5,800,000. Similarly, KIA Sportage Alpha's price jumped from Rs5,000,000 to Rs5,300,000.
Picanto
The prices of KIA Picanto models have surged by up to Rs200,000.
The ex-factory price of KIA Picanto AT was Rs2,500,000 until Sunday. It will now sell for Rs2,700,000.
The manual version of the car has seen a price hike of Rs200,000 as well, and is now priced at Rs2,600,000 against the old price of Rs2,400,000.
Stonic
The prices of KIA Stonic have gone up by Rs275,000 for both the EX and EX+ versions. The new prices of the subcompact crossover SUV (B-segment) are Rs4,425,000 and Rs4,725,000, respectively.
Many automakers have been signalling at a price hike in recent weeks, citing rupee depreciation and an increase in freight rates.
Read about price-increase by other carmakers:
Indus Motor jacks up Toyota car prices by as much as Rs1.257mn