Pass on Excise duty cut to customers
Chennai, December 8, 2008 : Heralding the government's package to stimulate the economy, Hindustan Motors Limited (HML) today offered to cut prices of its Mitsubishi vehicles by up to four per cent. It is one of the first auto manufacturer"s to confirm a price revision after the excise duty reductions.
The governments stimulus package, which specified a four per cent reduction in Cenvat has led to this initiative by HML. The Company is passing on the benefit of the duty cut to the customers who can expect at least four per cent cut in automobile prices effective from today. Hindustan Motors has reduced the prices of all Mitsubishi models - Lancer, Cedia, Pajero, Outlander and Montero .
The new ex-showroom starting prices of the vehicles are as follows:
Mr. Y.V.S Vijay Kumar, Executive Vice-President and SBU head Hindustan Motors said, “The appreciation of the US dollar against rupee and rise of Japanese Yen against the rupee had pushed the prices of our vehicles up. Now that the government has reduced the excise duty, we wanted to pass the benefit to our customers and spur-up the demand for our performance vehicles."
The ex-showroom prices of the models would be the same across the country as HM-Mitsubishi follows the one country, one price concept in India. The existing schemes applicable on HM- Mitsubishi models will also continue along with the price revision.