Massive increase in KIA car prices in Pakistan amid rupee devaluation
Lucky Motor Corporation Limited (LMCL) has jacked up car prices of all its cars Sportage, Stonic, and Picanto with effect from July 19 with the increase going as high as Rs1.1 million (10 lac).
Picanto price increase from Rs 21 lac to 32 lac
The price of Kia Picanto, which used to be an affordable car for middle-class households in Pakistan, has increased by at least Rs11 lac (Rs1.1 million) since January 2022.
The first increase came in January 2022 when Kia Lucky Motors (KLM) increased the cost of the mini hatchback Kia Picanto automatic by Rs. 142,000 which took its price from Rs. 2,150,000 to Rs. 2,292,000 (2.1 million to 2.2m). The price of a manual Picanto increased from 2,050,000 to Rs. 2,186,000 (Rs2m to Rs2.1m).
Kia announced a second price hike within two months in March 2022 after which Picanto received a price push of up to Rs 214,000 and the Picanto MT increased to PKR 24 lac (2,400,000) whereas the Picanto AT cost was about PKR 25 lac (2,500,000).
The third price increase came into effect on April 18, 2022. In April, the company raised the prices of its vehicles by Rs200,000-Rs300,000 after which the price of Picanto MT and AT were increased to Rs2.6 million (2,600,000) and Rs2.7m (Rs 2,700,000) from Rs2.4m and Rs2.5m. The first increase came in
The company announced its fourth big increase in July this year. The price of two models of 1,000cc Picanto (manual and automatic including capital value tax) has been raised by a whopping Rs5 million (Rs 5 lac) — the same that the 1,800cc Honda Civic used to cost in June 2019.
Picanto MT now costs Rs 3,100,000 (31 lac) and Picanto AT is now Rs 3,200,000 (32 lac).
All KIA car prices hiked
Car prices have increased manifold in Pakistan due to the depreciation of the local currency (Pakistani Rupee) and the increase in shipping costs.
The company has increased the prices of all Kia vehicles in Pakistan. The company cited the depreciating PKR value against the US Dollar as well as rising freight charges on the import of parts as the reason behind the move.
After the fourth hike by Kia Motors, three models of Sportage (Alpha, FWD and AWD) now cost Rs6.250m, Rs6.750m and Rs7.250m compared to Rs5.535m, Rs5.858m and Rs6.363m earlier.
The new price of Stonic EX and EXplus models is Rs4.545m and Rs4.848m as compared to Rs4.469m and Rs4.772m. Sorento 2.4LFWD, 2.4LAWD and 3.5L will be sold at Rs7.800m, Rs8.500m and Rs8.5m as compared to Rs6.904m, Rs7.573m and Rs7.573m.
The company said the new prices would not apply to customers who had already made the full payment
| Variants | Old Price (Rs) | New Price (Rs) | Increase (Rs) |
| Picanto MT | 2,600,000 | 3,100,000 | 500,000 |
| Picanto AT | 2,700,000 | 3,200,000 | 500,000 |
| Sportage Alpha | 5,300,000 | 6,250,000 | 897,000 |
| Sportage FWD | 5,858,000 | 6,750,000 | 892,000 |
| Sportage AWD | 6,363,000 | 7,250,000 | 877,000 |
| Stonic EX | 4,425,000 | 4,545,000 | 76,000 |
| Stonic EX+ | 4,725,000 | 4,848,000 | 76,000 |
| Sorento 2.4 FWD | 6,904,360 | 7,800,000 | 895,000 |
| Sorento 2.4 AWD | 7,573,990 | 8,500,000 | 926,000 |
| Sorento V6 FWD | 7,573,990 | 8,500,000 | 926,000 |
| Carnival | 11,499,000 | 12,599,000 | 1,100,000 |