Shrinking auto sales force price reductions

Lucky Motor Corporation (LMC) ceased booking for the KIA Stonic Ex+ after it was overbooked, following a reduction in price of over 1.5 million. Additionally, Pak Suzuki Motor Company (PSMC) lowered the prices of three Swift variants by up to Rs710,000 due to market conditions and dynamics. The reduction of the KIA Stonic EX+ price to Rs4,767,000 led LMC to halt bookings, which had been selling rapidly following an enthusiastic response from customers after the company’s offer on April 29. “Since April 29, when we announced an exciting limited-time offer to our customers in celebration of five years of Completely Knocked Down (CKD) operations of Lucky Motor Corporation (LMC), we have received an overwhelming response from our customers towards booking the KIA Stonic. As a result, we are fully booked for deliveries up until September 2024 and will start delivering vehicles to our customers from May 2024 as per sequence. All bookings taken for delivery in September 2024 will be accepted only on partial payments of Rs2.35 million. Depending on the market response and considering our stock situation, we will start taking further orders for October 2024 and onward delivery commitments. Communication regarding this will be done separately,” LMC said in a statement.