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Lucky Motor Corporation, formerly known as Kia Lucky Motors Pakistan, has implemented significant price reductions for its compact SUV, the Sportage, slashing prices by up to Rs300,000 effective from March 4.
Following a reduction of Rs250,000, the base variant of the Sportage, Alpha, now stands at Rs7.3 million.
Moreover, prices for the Sportage’s FWD, AWD, and limited black edition variants have been reduced by Rs300,000 each, resulting in new prices of Rs7.74 million, Rs8.47 million, and Rs9 million, respectively.
Other vehicle models such as the Picanto and Stonic have maintained their existing price points.
Muhammad Abrar Polani, a research analyst at brokerage house Arif Habib Limited (AHL), noted, “Kia had already introduced various promotional offers including installment plans, cashback, and free registration.”
Polani further commented, “This price adjustment is expected to stimulate volumetric sales for Kia, especially given the 50% decline in the overall automobile sector during the first half of fiscal year 2024.”
Usama Rauf, an auto sector analyst at AKD Securities, highlighted the considerable increase in car prices over the past year, leading to diminished overall demand and necessitating competitive pricing strategies from automakers.
Rauf explained, “The Kia Sportage has faced persistent demand challenges, particularly intensified with the introduction of the Corolla Cross in a similar price bracket, despite the latter being a HEV.”
He continued, “Moreover, competitors such as Chery Tiggo and Changan Oshan have also reduced their prices by Rs300,000 and are offering comparable discounts.”
