Karachi August 19 2022: Lucky Motor Company will be maintaining their car prices at the current, according to information shared with customers.
Minister for Industries and Production, Syed Murtaza Mehmood on Thursday asked the OEMs to reduce prices of vehicles in view of decline in US dollar vis-a-vis Pak Rupee. Pakistan Rupee appreciate almost 12% from its low hit on 28th July 2022.
In an explanation Lucky Motor Company writes that their company has always believed in being fair and transparent in our pricing policy; being a customer centric company we took the unprecedented decision to maintain our vehicle prices for over 2 years since the launch of our flagship models; revising the same at an average of only once over the past 4 years.
They further stated, “while companies have been forced to take a wait and watch strategy to monitor the fluctuation in the exchange rate to see where prices will go, the increase was inevitable. To help sustain our business, we recently increased the price by 14% on the 18th of July; which we feel was a reasonable increase given the significant devaluation of the PKR against the USD; whereas during the same period, other industry players had taken the decision to increase prices between 19% and 23%, which has very recently been corrected to bring the increase at parity with Kia.”
“We are happy to see that in the greater interest of the market and its customers the prices have been corrected to bring them at a fair level and we feel great pride in creating a precedent and setting the benchmark for everyone in terms of price setting.” Says Muhammad Ali Tabba.