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| Auto makers to reduce prices of high-end cars |
| Press Trust of India / New Delhi Jul 06, 2009, 22:33 IST |
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Leading auto manufacturers are set to reduce the prices of their high-end cars as they mull to pass on the benefit of the excise cut on big cars to consumers.
Hindustan Motors (HML) is the first company to announce price cuts of Rs 6,000 on its partner Mitsubishi's Pajero, Outlander and Montero cars.
While BMW, General Motors and Toyota said they would pass on the benefits of excise cut, Tata Motors said it would soon announced its decision on it.
"We will pass on the benefits of this excise duty cut to our customers immediately," General Motors India Vice President P Balendran told PTI.
Another carmaker Toyota Kirloskar Motor (TKM) would also react according to the Budget's proposal.
"We have always been passing on all benefits to the customers, which we get from the government. Though this cut is very minimum, still we will pass on this," TKM Deputy Managing Director (Marketing) Sandeep Singh said.
However, Honda Siel Cars India (HSCI) said it would not cut the prices of its vehicles. "We will not cut prices. There is lot of pressure on bottom line due to depreciation of Rupee in the international market," a HSCI spokesperson said.
While presenting the Budget, Finance Minister Pranab Mukherjee today proposed to reduce the additional excise duty on big cars with engine capacities of 2,000 cc and above by Rs 5,000 per unit. The Minister also cut the duty of petrol-driven trucks to 8 per cent from 20 per cent at present.
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