Citing rupee devaluation, Lucky Motor Corporation (LMC) said that it has jacked up its KIA-brand car prices with effect from July 19 with the increase going as high as Rs1.1 million.
“Due to continuous devaluation of rupee against dollar, we are compelled to increase the prices of KIA products effective July 19, 2022,” the company announced in a notification to dealers. “Furthermore, booking of specific variants is being re-opened.”
The company increased the prices of its hatchback Picanto variants by Rs500,000. The Picanto manual variant will sell for Rs3.1 million and the automatic variant for Rs3.2 million after the price hike. However, the company has kept the booking of the automatic variant on hold because of supply chain issues.
The company jacked up prices of Sportage and Sorento variants by around Rs900,000. The new price of Sportage Alpha is Rs6.25 million, while Sportage FWD is now at Rs6.75 million. The Sportage AWD variant is now priced at Rs7.25 million.
The rate of Sorento 2.4L FWD is Rs7.8 million, while the ex-factory price of Sorento 2.4L AWD is Rs8.5 million.
It is worth mentioning that booking status of two Sportage's variants – the FWD and AWD – is currently on hold as well.
The price of KIA Carnival has been jacked up by Rs1.1 million. The luxury minivan will now be selling for Rs12.599 million.
The company also changed the price of its mini-SUV Stonic by Rs76,000. Stonic EX is now priced at Rs4.545 million and the EX-Plus version is for Rs4.848 million.
The price revision will not be applicable for customers who have already made the full payment by July 18, 2022 as well as those customers whose PBO delivery commitments were of June, 2022 or before, the company said in the notification.
"All customers who have paid the full amount and the same is realized in LMC Bank account till July 18, 2022 will qualify for the existing ex-factory price."
However, it added that the government taxes including WHT and CVT will apply as per the Federal Budget 2022-23.
"All PBOs where delivery commitment is June 2022 or before will also not be charged with revised ex-factory prices. However, Government Taxes including WHT and CVT will apply as per the Federal Budget 2022-23."