In a rather surprising move, Lucky Motor Corporation (LMC) has announced a substantial increase in prices of two Kia models effective from 1st February 2024. The company hasn’t given any specific reason behind the unexpected move. This is also the first official price hike announcement by any assembler in the calendar year 2024.
According to the notification, the price of the base Kia Picanto MT has been increased by a whopping Rs 250,000 after which the pint-sized hatchback is now available for Rs 3,600,000 instead of Rs 3,350,000.
Similarly the price of Kia Sportage Alpha, which is the base variant in the Sportage family has gone up by Rs 250,000 as well. After the increase, the Sportage Alpha will now cost Rs 7,550,000 instead of Rs 7,300,000. The notification says all new orders from February 1, 2024 onward, will be invoiced at these new prices.
In a time when all assemblers are facing stagnant sales, this price increase applicable to only the base variants of Picanto and Sportage is quite unexpected. What is your take on the latest price announcement by LMC, share your thoughts in the comment section below.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com
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