KARACHI: Lucky Motor Corporation Ltd (LMCL) has emerged as the first company to pass on the huge impact of rupee’s devaluation by raising prices by up to Rs1.1 million.

In a circular to its authorised dealers on Tuesday, the company said the price of two models of 1,000cc Picanto (manual and automatic including capital value tax) has been raised by Rs5m to Rs3.1 million and Rs3.2m — a price tag carried by 1,800cc Honda Civic some three years ago in June 2019.

The three models of Sportage (Alpha, FWD and AWD) now cost Rs6.250m, Rs6.750m and Rs7.250m compared to Rs5.535m, Rs5.858m and Rs6.363m earlier.

The new price of Stonic EX and EXplus models is Rs4.545m and Rs4.848m as compared to Rs4.469m and Rs4.772m. Sorento 2.4LFWD, 2.4LAWD and 3.5L will be sold at Rs7.800m, Rs8.500m and Rs8.5m as compared to Rs6.904m, Rs7.573m and Rs7.573m.

Carnival GLS PP rate is now Rs12.599m versus Rs11.499m.

The company said the new prices would not apply to customers who had already made the full payment

by July 18 as well as those customers who were given commitments for provisional delivery in June or before.

LMCL said the booking of Picanto manual, Stonic, Sorento and Carnival is open for which the customers need to make full payment of booking. However, the company has still put on hold the booking of Picanto automatic and Sportage (FWD and AWD models).

After a price jump by an assembler, others would soon also follow the suit. An assembler said he cannot predict anything specific about the price jump after a huge rally in the dollar on Tuesday and an uncertain future of dollar-rupee parity.

Besides, Pak Suzuki Motor Company Limited (PSMCL), despite maintaining positive growth in sales, has discontinued production of GS150SE (special edition) motorcycle from July 16, 2022, while production of the standard version would continue. The company, in its circular to its authorised dealers, did not give any reason for halting its production.

Published in Dawn, July 20th, 2022