LMCL increases prices of Kia cars, cites currency depreciation as likely reason

Lucky Motor Corporation Limited (LMCL) has increased the prices of all Kia cars except for the Sportage Alpha and Carnival. While the company hasn’t given any specific reason for the hike, it is likely due to currency depreciation.

What’s notable about this latest price hike is that it includes the Picanto, unlike the previous one. The new prices, effective April 1, are as follows:

• Picanto Manual: Rs. 3,350,000 (up from Rs. 3,300,000)
• Picanto Automatic: Rs. 3,625,000 (up from Rs. 3,550,000)
• Stonic EX: Rs. 5,350,000 (up from Rs. 5,200,000)
• Stonic EX+: Rs. 5,930,000 (up from Rs. 5,730,000)
• Sportage FWD: Rs. 7,940,000 (up from Rs. 7,790,000)
• Sportage AWD: Rs. 8,570,000 (up from Rs. 8,370,000)
• Sorento FWD: Rs. 10,040,000 (up from Rs. 9,540,000)
• Sorento AWD: Rs. 10,890,000 (up from Rs. 10,390,000)
• Sorento V6: Rs. 10,890,000 (up from Rs. 10,390,000)

This latest price hike has resulted in some interesting changes to Kia’s car lineup. All Sorento models now cost over Rs. 10 million, while even Kia’s budget crossover SUV, the Stonic, now has a starting price of over Rs. 5 million.

Kia was the fastest-growing new car company in Pakistan between 2019 and 2022, but recent economic challenges have caused a significant shift in its trajectory. It remains to be seen whether the company will regain its momentum.