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February 28, 2001                                       Feedback  

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Maruti, Hyundai, Bajaj slash prices

Taking the cue from Finance Minister Yashwant Sinha's budget sops, major car and two-wheeler manufacturers including Maruti and Bajaj on Wednesday announced price cuts ranging between Rs 1,400 to Rs 42,000 in a collective bid to arrest falling sales.

The new prices, expected to boost sales of the industry suffering from a negative growth trend, will be effective from Thursday, major producers said.

Buoyed by Sinha's budgetary announcement to check import of second hand cars through a massive hike in import duty to 180 per cent, car producers said that they would pass on the benefits of excise reliefs to consumers.

Hailing the Sinha's fourth budget as a 'positive and growth oriented', car market leader Maruti said prices of its various models including '800cc Standard' would be slashed in

the range of Rs 11,000 to Rs 18,000.

MUL officials said "we will be passing on the entire excise cut to customers".

Ford India would reduce prices of its mid-size car 'Ikon' by Rs 29,000 to Rs 40,000, vice-president (external affairs) B S Rathor said.

Ford at present, sells five variants of the Ikon car in the domestic market.

The Indian unit of South Korean automaker Hyundai Motor Company said it prices of its premium small car 'Santro' and the mid-size car 'Accent' will be cut by Rs 18,000 and Rs 34,000, respectively, in the Delhi market.

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