KIA Lucky Motors has officially unveiled and launched the highly anticipated KIA Sportage sport utility vehicle (SUV) with a 2,000cc engine.
Cars in Pakistan have engines starting from 600cc going up to 2,700cc.
KIA Lucky Motors CEO Asif Rizvi, while speaking at the press conference shared:
The FWD model of Sportage comes with a price tag of Rs4.59 million and AWD model is priced at Rs4.99 million.
He added:
We are thankful to the government that it introduced a lenient auto policy for new entrants. Customers will now be able to select from a wide range of vehicles.
Gone are the days when customers used to visit the market and only found limited options with a delay of six months after booking.
KIA Lucky Motors has established an automotive manufacturing plant in Pakistan with a capacity of producing 50,000 units per annum with an investment of $175 million.
Not only did KIA bring investment into Pakistan, but also brought employment opportunities and a chance to give revenue to the government in the form of taxes.
By imposing taxes such as 5% federal excise duty (FED), if the government loses one customer, it also loses revenue equal to 38% of the cost of a car.
So, the best practice for governments around the world is to earn less on a massive scale instead of earning more on the sale of fewer cars.
Despite all hurdles, the automotive market in Pakistan has expanded in the last 5 years. KIA hopes to expand production to 500,000 cars by 2025.
Stay tuned to Brandsynario for more news and updates.
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