Pakistan Rupee Exchange Rate
Car manufacturers have been grappling with substantial setbacks in their sales and overall revenues due to the inflation and a sluggish production landscape across Pakistan.
In response, several of these companies find themselves compelled to undertake operational downsising measures, aiming to navigate the financial challenges and secure their sustainability.
Recently, Lucky Motor Corporation Limited (LMCL) publically announced the shutdown of four dealerships across Pakistan. The official press release did not highlight a reason for the shutdown across Pakistan.
The quartet of dealerships facing closure are as follows:
- KIA Motors Hanna Lake, Quetta
- KIA Motors Chenab, Gujrat
- KIA Motors Avenue, Dera Ghazi Khan
- KIA Motors Gateway, Mardan
Adding to the tableau of economic adversity, the iconic Rawalpindi 6th Road Metro Bus Station has languished in a state of disrepair for an extended span of three months.
KIA Motors, once a formidable force in the automobile sector, has witnessed a marked decline in its momentum as compared to its robust performance over the preceding couple of years. The company had once proudly occupied a prime position among Pakistan’s foremost car manufacturers, with an impressive market share that held strong until the middle of 2022. However, the present scenario tells a different story, with the company now struggling to move even a few hundred cars off its lots.
While there was a slight uptick in sales during the month of June, regrettably, it proved insufficient to effect any significant change. Understandably so, given the precarious tightrope that all automotive enterprises in Pakistan currently find themselves walking upon.
