In Karachi, Lucky Motor Corporation (LMC) stopped accepting bookings for the KIA Stonic Ex+ as demand soared beyond capacity, triggered by a price reduction of over 1.5 million. Concurrently, Pak Suzuki Motor Company (PSMC) responded to market dynamics by slashing prices on three Swift variants by up to Rs710,000.
Overwhelming customer response since April 29, when the company unveiled a limited-time offer to commemorate five years of Completely Knocked Down (CKD) operations, drove LMC to halt KIA Stonic Ex+ bookings at Rs4,767,000. Deliveries, fully scheduled until September 2024, are slated to commence from May 2024 in chronological order. LMC clarified that bookings for September 2024 deliveries would require partial payments of Rs2.35 million, with further orders contingent upon market response and inventory availability.
While some customers expressed disappointment over missing out on the promotional offer, LMC addressed concerns, attributing the booking suspension to unprecedented demand rather than lackluster sales. A company spokesperson emphasized the popularity of the model and cited the price adjustment to accommodate a wider customer base, projecting a 50% surge in sales compared to the anticipated 10%.
Dealer Fasih Naveed, from Macca Motors Kia, reassured customers about the model’s continuity, affirming that they would soon lift the temporary booking suspension.
Auto industry expert Mashood Khan highlighted declining auto sales as the impetus behind price reductions, advocating for collaborative efforts between the government and Original Equipment Manufacturers (OEMs) to devise long-term policies. Khan proposed incentivizing localization of parts manufacturing with corresponding tax reductions, aiming to revitalize the industry and make automobiles more affordable for middle-class consumers.
In response to prevailing market conditions, PSMC announced promotional retail prices for Suzuki Swift variants effective May 01, citing economic stability and supportive government policies. The prices of GL MT, GL CVT, and GLX CVT variants were adjusted to Rs4,336,000, Rs4,560,000, and Rs4,719,000, respectively, reflecting reductions of Rs85,000, Rs159,000, and Rs710,000. PSMC’s Head of Corporate Affairs, Shafiq Ahmed Shaikh, emphasized the temporary nature of the price adjustments, attributed to stable economic conditions and favorable government policies.
