The cost of its CKD domestically produced as well as CBU imported products would increase, according to Lucky Motor Company (LMC), the company that assembles Kia motors in Pakistan.
According to a corporate announcement, it has become unavoidable for the firm to pass the effect on to the consumers due to the PKR's decline in value relative to the US Dollar. The new pricing will go into effect on January 31, 2023.
After raising the cost of Kia cars, Lucky Motor Company (LMC) has retroactively raised the cost of Peugeot vehicles in Pakistan. When declaring that it will begin accepting reservations for the Peugeot 2008, which had previously been stopped in accordance with an earlier announcement, the business cited the fluctuation of the US Dollar versus the Pakistani Rupee as the cause of the increase.
Although LMC had announced a price-lock deal on all of its vehicles that were intended to be active through January 31, 2023, the business unexpectedly ceased accepting reservations before that date. Additionally, there are several rumors circulating in the market claiming that the corporation has a substantial supply of Peugeot 2008 models that have not yet been sold. We will have to wait to see what effect the most recent price rise will have on Peugeot 2008 sales in Pakistan.
The most recent carmaker to announce a significant price rise for its domestically made portfolio is Hyundai-Nishat. Hyundai automobiles will cost up to Rs 500,000 more in Pakistan starting on February 1, 2023.
In Pakistan, car costs are still out of control, like a herd of wild horses. Sazgar is the latest automaker to get on the bandwagon by releasing updated Haval H6 prices. Automakers are blaming the instability in the Rupee-Dollar parity for the sharp increase in costs.
Sazgar has dramatically raised the price of the Haval H6 by up to Rs 1.24 million after already raising the price of the BAIC BJ40 Plus, which is now priced at Rs 99.95 lac.
Regal Automobiles has declared that it would increase the cost of the DFSK and Prince brand automobiles it assembles and sells in Pakistan as a result of the unstable currency value compared to the US Dollar. The new pricing is in effect as on February 1, 2023.