Lucky Motor Corporation (LMC) has increased the price of KIA vehicles due to a recent increase in the sales tax from 17 percent to 18 percent.
On February 21, LMC announced new pricing would take effect on February 14, 2023. Except for the KIA Carnival, all KIA vehicles can now only be reserved with full payment.
LMC claims that the restrictions on letters of credit (LCs), which led to a shortage of completely knocked-down (CKD) parts, and the increase in the sales tax rate have impacted the auto industry.
According to the revised prices, customers must pay significantly more for various models. The company increased the price of the KIA Picanto MT by Rs 28,000 to Rs 3,228,000 and the price of the KIA Picanto by Rs30,000 to Rs 3,430,000.
The price of the KIA Stonic EX has risen by Rs 42,000, from Rs 4,800,000 to Rs 4,822,000. Similarly, the price of the KIA Stonic EX rose by 45%, or 40,000 rupees, from Rs5,250,000 to Rs5,295,000. KIA Sportage Alpha, previously available for Rs6,500,000, will now cost Rs6,556,000, an Rs56,000 increase.
The price of the Sportage FWD has increased by Rs61,000 to Rs7,111,000, while the price of the Sportage AWD has increased by Rs66,000 to Rs7,716,000.
The price of the 2.4L FWD KIA Sorento has increased to Rs8,472,000 from Rs9,100,000, while the price of the 2.4L AWD has increased by Rs78,000.
The price of the KIA Sorento 3.5L FWD has risen from Rs9,100 to Rs9,178,000, an increase of Rs78,000.
The price of the KIA Grand Carnival, previously available for Rs15,000,000, has also risen by Rs129,000. As a result, the price has increased by Rs129,000, now Rs15,129,000.
