Karachi February 4 2022: The outlook of automobile market in the second half of FY 2022 looks challenging on the back of recently introduced measures by the government of Pakistan by way of increasing the rates of Federal Excise Duty and Sales Tax, which has resulted into the increase in the prices of the cars, reported by KIA Lucky Motors.
Additionally, PKR devaluation to USD and the impact of increased freight on import of CKD kits and spare parts will put upward pressure on the prices of the cars.
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Supply of semiconductors was improved towards the end of second quarter of FY 2022 and is likely to further improve in the second half of FY 2022, which will help LMC to run its operations smoothly.
“Your Company’s strong financial position and free cash flow generating ability are anticipated to further support its vision to maintain its leadership position in Pakistan and to capitalize on new investment opportunities so as to maximize shareholders’ value.” Says Chief Executive Officer Asif Rizvi
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Lucky Motor Corporation (LMC) has now completed its current plan for KIA model line-up and the products, which have been introduced in Pakistan, are very successful. It has a complete portfolio of products right from entry-level car to high-end luxury vehicle. It recently introduced a Peugeot vehicle in January 2022.
