The Lucky Motor Corporation unveiled what they dubbed a “limited-time celebratory offer” on Monday, slashing the price of KIA’s Stonic EX+ by a substantial 25% in Pakistan.
This move follows a recent price reduction on their compact SUV, the Sportage, by as much as Rs300,000.
An analyst suggested that the price cut was more a response to sluggish sales rather than a cause for celebration. The company’s statement expressed gratitude for five years of Completely Knocked Down (CKD) operations in Pakistan and announced the celebratory offer to mark the occasion.
The revised price for KIA’s Stonic EX+ now stands at Rs4,767,000, marking a significant drop of Rs1,513,000 from its previous price of Rs6,280,000. This revision took effect on April 29.
The analyst observed that despite previous pricing efforts, monthly sales of the KIA Stonic remained consistently below 100 units, indicating a failure to attract buyers.
With this latest price adjustment, the aim appears to be direct competition with sedans in the same price bracket, aiming to secure a share of that market. It’s worth noting that the company had previously reduced prices for the Sportage and Peugeot last month.
Overall, it’s expected that auto demand will continue to be sluggish until interest rates fall below 15%, with the current key policy rate standing at 22%. Additionally, there’s a suggestion to increase the auto financing cap from Rs3 million to further stimulate demand.
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Another analyst noted that the decision to lower prices was made to reignite demand and gain a larger market share in the increasingly competitive automobile market.
