The Lucky Motor Company (LMC), which assembles Kia and Peugeot cars in Pakistan, has abruptly stopped taking new booking orders. This new development is intriguing because the company recently announced a price lock offer for both Peugeot and Kia vehicles.
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The Pakistani rupee’s value has drastically decreased since the government eliminated the exchange rate ceiling. At the time this article was being written, the Pakistani rupiah’s value against the dollar dropped to a record low of Rs 266.
Toyota has already stated that it will raise prices twice in January 2023 as a result of the weakening yen, which the company claims have had a negative impact on its operations.
LMC said it will start accepting reservations as soon as the PKR’s value in relation to the USD stabilizes. When bookings resume, it is not yet known if Kia and Peugeot car prices will significantly rise. But given the ongoing economic unrest, it is difficult to predict that the rupee will appreciate significantly against the US dollar.
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The local auto industry, which is heavily reliant on imports, has suffered greatly as a result of the current challenging economic climate. It will be interesting to see if at this point the assemblers begin to think about practical ways to enhance localization.