Lucky Motor Company (LMC) the assemblers of Kia as well as Peugeot cars in Pakistan has suspended taking new booking orders with immediate effect. This is an interesting development since the company recently announced a price lock offer for both Peugeot and Kia cars.
Pak Rupee took a massive dip ever since the cap on forex rates was removed by the government. PKR dipped to a record low reaching up to Rs 266 against one USD Dollar (at the time of putting down this article). Toyota has already announced two price hikes within the month of January 2023 due to depreciating currency value which the company says has adversely impacted its operations.
LMC says it is monitoring the current situation and booking shall resume once PKR stabilizes against USD. It is yet unknown whether Kia & Peugeot cars will receive a substantial price hike when the bookings resume. However, keeping in view the ongoing economic turmoil it’s hard to expect Rupee to make a significant recovery against the US Dollar.
Related: Average Price Increase by Local Assemblers in 2022
The heavily import-dependent local auto industry has received a massive blow due to the current challenging economic situation. Whether the assemblers will now begin thinking about enhancing localization in true means will be an interesting thing to observe.
A 3d animation professional with over 20 years of industry experience having served in leading organizations & production facilities of Pakistan, an avid car enthusiast and petrolhead with an affection to deliver writings to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com