Maruti, Hyundai slash prices in wake of excise duty cut
20 Feb 2014 10:24 PM GMT
India's biggest car makers, Maruti Suzuki India (MSI) and Hyundai Motor India on Wednesday cut prices after excise duty on automobiles was reduced in the Interim Budget. While MSI's price cuts range between Rs 8,502 and Rs 30,984 across its models, Hyundai has slashed prices by between Rs 10,000 and Rs 1,35,300. The entire benefit of the excise duty cut is being passed on to customers for the full range of models, MSI said in a statement.
Hyundai Motor India Ltd (HMIL) also said customers would get the full benefit of the excise duty reduction. The price cut applied to all the models, from Eon to Santa Fe. ‘The reduction in excise duty would substantially reduce the prices, making cars more affordable. The quantum of benefit will vary from Rs 10,000 to Rs 1,35,300 across all the models,’ HMIL Senior Vice President, Sales and Marketing, Rakesh Srivastava said.
On 17 February, Chidambaram cut excise duty to 8 per cent from 12 per cent for small cars, scooters, motorcycles and commercial vehicles; 24 per cent from 30 per cent for SUVs; 20 per cent for mid-sized cars from 24 per cent and 24 per cent for large cars from 27 per cent.
Earlier, two-wheeler makers Honda Motorcycle & Scooter India (HMSI) and Hero MotoCorp too slashed their product prices. While HMSI cut prices by up to Rs 7,600, Hero MotoCorp reduced rates by up to Rs 4,500. ‘We have decided to pass on the entire benefit of the excise duty cut to our customers. We have judiciously spread out the price cut across our product portfolio ranging from 2 per cent going up to 5 per cent with the maximum reduction being Rs 4,500,’ Hero MotoCorp Ltd (HMCL) said in a statement.
Hero MotoCorp’s bike portfolio includes Karizma ZMR, Impulse, Splendor and Glamour. Welcoming the cut in excise or factory gate duty, HMSI said it has ‘decided to pass the full benefit of 4 per cent excise duty reduction on two-wheelers to its valued customers across India with immediate effect’.
The price benefit starts from minimum of Rs 1,600 on Dream Neo motorcycle, priced between Rs 43,150 and Rs 47,289, and goes up to Rs 7,600 on CBR 250R performance bike tagged between Rs 1.58 lakh and Rs 1.93 lakh (ex-showroom Delhi).
Hyundai Motor India Ltd (HMIL) also said customers would get the full benefit of the excise duty reduction. The price cut applied to all the models, from Eon to Santa Fe. ‘The reduction in excise duty would substantially reduce the prices, making cars more affordable. The quantum of benefit will vary from Rs 10,000 to Rs 1,35,300 across all the models,’ HMIL Senior Vice President, Sales and Marketing, Rakesh Srivastava said.
On 17 February, Chidambaram cut excise duty to 8 per cent from 12 per cent for small cars, scooters, motorcycles and commercial vehicles; 24 per cent from 30 per cent for SUVs; 20 per cent for mid-sized cars from 24 per cent and 24 per cent for large cars from 27 per cent.
Earlier, two-wheeler makers Honda Motorcycle & Scooter India (HMSI) and Hero MotoCorp too slashed their product prices. While HMSI cut prices by up to Rs 7,600, Hero MotoCorp reduced rates by up to Rs 4,500. ‘We have decided to pass on the entire benefit of the excise duty cut to our customers. We have judiciously spread out the price cut across our product portfolio ranging from 2 per cent going up to 5 per cent with the maximum reduction being Rs 4,500,’ Hero MotoCorp Ltd (HMCL) said in a statement.
Hero MotoCorp’s bike portfolio includes Karizma ZMR, Impulse, Splendor and Glamour. Welcoming the cut in excise or factory gate duty, HMSI said it has ‘decided to pass the full benefit of 4 per cent excise duty reduction on two-wheelers to its valued customers across India with immediate effect’.
The price benefit starts from minimum of Rs 1,600 on Dream Neo motorcycle, priced between Rs 43,150 and Rs 47,289, and goes up to Rs 7,600 on CBR 250R performance bike tagged between Rs 1.58 lakh and Rs 1.93 lakh (ex-showroom Delhi).
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