KIA Pakistan has implemented a sudden price hike for its hatchback and crossover SUV models, namely the Kia Picanto and Sportage, respectively, effective from February 1, 2024. The company has not provided specific reasons for this decision, as stated in the official notification.
In this adjustment, only the manual variant of the Picanto has undergone a price revision, with an increase of Rs. 250,000. Consequently, the new ex-factory price, including CVT, is Rs. 3,600,000 compared to the previous Rs. 3,350,000.
Similarly, the Sportage’s Alpha variant has seen a price hike of Rs. 250,000, bringing its ex-factory price (including CVT) to Rs. 7,550,000 from Rs. 7,300,000.
Booking for both vehicles remains open, with partial payment options available.
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This marks the first car price increase of 2024, potentially setting a precedent for other companies within the automotive industry. While the local car market has shown signs of stabilization, high prices continue to make cars a luxury for the masses, further exacerbating accessibility issues for the general population.
The shift in the local car market dynamics from “ON” to “OFF” in the past year, driven by low sales, has prompted various companies to offer enticing deals, including free registration, insurance, and cashback.