Pakistan’s economy is growing at rate of 5-6 percent per year. “Booming auto financing and faster penetration of digital ride hailing services like Uber and Careem has also bolstered the demand in the past two years”, Talreja added. New entrants are also likely to break the long-running cycle of existing players’ monopoly,” Shanker Talreja, auto sector analyst at Topline Securities, told Arab News. “New entrants will not only ignite competition but will also offer choice to the customers in an affordable manner. “The existing players are very strong and cash-rich, which is why I don’t think that in the short term they will face any tough competition, but in the long run they will definitely face competition, which will ultimately bring the prices down,” Ahsan Mehanti told Arab News.Īt present players take up to four months from booking orders to the delivery of vehicles, which means there is a huge gap between demand and supply. Listed companies have enjoyed 43 percent profitability during 2013-17. Japanese auto assemblers are now enjoying a major share and dominating the market. People’s rising purchasing power, coupled with historic prevailing low interest rates and easy availability of financing, have driven up passenger car sales in Pakistan by 13 percent since 2014. Stay tuned in with Kia,” said Asif Rizvi, CEO of Kia Lucky Motors.
“KIA is here to stay, with the power to surprise and offer the people of Pakistan a different beat. To ensure a long-term presence in Pakistan, Kia is also building assembly plants and working on transfer of technology and vendor base expansion that will generate enormous job opportunities and investment, thus creating a healthy competition in the local market. Pakistan, with a low motorization rate of 20-22 vehicles per 1,000 individuals, offers huge demand potential for the new incomers. The entry of KIA in Pakistan’s market is the result of the government’s Automotive Development Policy 2016-2021, which promises lucrative incentives including tax holiday for new entrants.
The vehicle has the capacity for 11 individuals, making it an incredibly smart car. It produces 270 horsepower at 6,400 rpm and 318 Nm of torque at 5,200.ĭespite its spectacular design, comfort and space are good: length, width, and height of the vehicle are 5,115mm, 1,985mm and 1,767mm respectively. It has a high-tech specification including 3.3-liter engine mated to a 6-speed auto transmission. The Grand Carnival comes with four years or 100,000 km warranty. KIA Lucky Motors, a partnership between KIA Motors South Korea and Yunus Brother Group, after signing an agreement with the Ministry of Industries and Production last year for production of light commercial and passenger vehicles, opened its first dealership in Karachi, where vehicles are poised to hit Pakistan’s roads while operations in Lahore, Faisalabad and Islamabad will start shortly. Launched in the form of completely built units, KIA has attached a price tag that starts from RS3.9 million ($1.04 million), while the price of a one-ton pick-up has been fixed at RS1.9 million. The entry of the carmaker among top 10 global automobile manufacturers in Pakistan is expected to change the dynamics of the auto industry and bring in fair competition in the long run, said Ahsan Mehanti, senior analyst and chief executive of Arif Habib Group. KARACHI: The South Korean automobile giant KIA, with a local partner, has launched the multipurpose Grand Carnival 11-seater passenger car and a one-ton pickup in Pakistan.
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