Honda and Toyota Unwilling to Cut Prices

Honda and Toyota have opted to stay out of the ongoing price war that sees vehicle prices in Pakistan go drastically down, albeit discount offers are valid for a short period in most cases.

According to Honda, which reduced prices for the 1.2L City variants ranging between Rs 50,000 to Rs 140,000 in March, several dealers and customers have approached it regarding recent price adjustments made by various market players. Considering these inquiries, the company affirms that current prices will be maintained. In a statement, Honda said:

“We hold our ground on price stability with no further decrease at this given time, considering no change in forex and the cost of materials.”

On the other hand, IMC (Indus Motor Company) also distanced itself from the ongoing price war by refusing to lower prices any further. The company which slashed the prices of the 1.3L Yaris variant from Rs 73,000 to Rs 133,000 in March, reassured in a notice to its authorized dealers that:

“There will be no price changes for now till further notice. We are committed to maintaining our current pricing structure.”

The recent price cut on the Kia Stonic became the talk of the town recently. Lucky Motor Corporation (LMC) reduced the price of Stonic by Rs 15.13 lac which brought its retail price from Rs 62.8 lac down to Rs 47.67 lac but the bookings were immediately closed with the company citing an unexpectedly overwhelming response as the reason behind the move.

stonic blue

But it has provided an earning avenue for customers/hoarders to charge “premium/ on-money” from impatient buyers as they are reportedly trying hard to get Stonic before the Budget 2024-25 to offset any government’s decision regarding additional duties and taxes on vehicles.

Related: Kia Pakistan Reduces Stonic Price by Rs 1.5 Million

Besides, LMC would also earn handsome interest on the partial and full payments parked in the banks as advance from the customers. The company will be giving a “price lock” on orders booked on full/partial payment up to September deliveries, subject to the understanding that any changes in duties and taxes by the government and additional taxes and duties would be recovered from the customers before the delivery.

stonic all sold

According to various insider sources, LMC had been facing issues with clearing the huge unsold Kia Stonic stocks, lack of fresh orders, and piling up CKD inventory. In fact, the Stonic was like a dead rat in the market which no one was even willing to look at. Now after a record-high price cut, their sales and marketing strategies seem to be paying off as Stonic has become high in demand.

Related: Used Cars Keeping Auto Financing Afloat

LMC says due to the huge response from the consumers after the price cut, the company is fully booked for deliveries up to September. The company will start delivering the vehicles in May 2024 as per the sequence. All Kia Stonic bookings taken for delivery in September will be accepted on partial payments of Rs 23.5 lac.

Stonic silver

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