Lucky Motor Corporation has made headlines with a bold move, slashing the price of KIA’s Stonic EX+ by a whopping 25% in Pakistan. This celebratory limited-time offer follows closely on the heels of a similar price drop for their Sportage SUV, demonstrating the company’s commitment to staying competitive in the market.
Analysts are quick to dissect this move, attributing it not just to celebration but also to strategic market positioning. The reduced price, now at Rs4,767,000, down from Rs6,280,000, aims to attract buyers who were previously hesitant due to the Stonic’s pricing strategy. Despite its features and appeal, the model struggled to achieve significant sales, averaging below 100 units per month.
Usama Rauf, an auto sector analyst, suggests that this aggressive price cut is aimed at directly challenging sedans in the same price bracket, aiming to capture a slice of their market share. Lucky Motor Corporation’s recent price adjustments for the Sportage and Peugeot models also signal a broader strategy to penetrate different segments of the automotive market.
Looking at the bigger picture, industry experts like Rauf and Mohammad Abrar foresee a sluggish demand in the auto sector until interest rates drop significantly and financing options become more accessible. Abrar emphasizes that this pricing decision reflects the intensifying competition in the automobile market, where companies are vying to revive demand and expand their foothold.
As Lucky Motor Corporation celebrates its 5 years of CKD operations, this move not only marks a milestone but also sets the stage for a renewed push in the competitive landscape of Pakistan’s automotive industry.
Kia Sportage Prices
In addition to the recent price cut for the Stonic EX+, it is noteworthy that Lucky Motor Corporation (LMC) has chosen to maintain the prices of its other models. Earlier this year, in March, LMC implemented price reductions for its top seller SUV, the Kia Sportage.
Kia Sportage stands with its prices.
- Sportage Alpha, the base variant, received a price reduction of Rs. 250,000, now priced at Rs. 7,300,000 (Previously Rs. 7,550,000)
- Sportage FWD is now priced at Rs. 7,740,000, reflecting a decrease of Rs. 300,000 from Rs. 8,040,000.
- Sportage AWD’s new price is Rs. 8,470,000, down from Rs. 8,770,000, marking a Rs. 300,000 reduction.
- Sportage Black Edition now costs Rs. 9,000,000, lowered from Rs. 9,300,000, with a similar Rs. 300,000 price drop.