Honda Siel Cars India Reduces Prices by up to Rs 31,000

New Delhi, December 9, 2008: Honda Siel Cars India, leading manufacturer of premium cars in India, today announced a reduction in the price of its production models by Rs 19,000 to Rs 31,000, except the Honda CR-V, which is a fully imported unit.

The prices have been revised following the reduction in Central Value Added Tax (CENVAT). The new prices will be effective from December 8, 2008.

Commenting on duty reduction and other economic measures announced by the government on Sunday, Mr. M. Takedagawa, President & CEO, Honda Siel Cars India, said, “We welcome this move by the government. The reduction in duty will give the necessary boost to consumer demand and fuel growth in the Indian economy. We feel it will also arrest the negative growth in the automobile sector. We are happy to pass on the benefit of the duty reduction to our customers with immediate effect.”

HSCI was considering a price increase for Honda cars from January 2009, due to cost of imports because of the weakening of the rupee against dollar and Yen. While the price increase on all the production models has been postponed for the time being, the CR-V prices will be increase by at least Rs 1 lakh with effect from the first week of January 2009.

This Price Reduction is also applicable to all the dealer stock of respective models as on 8th Dec 2008.

The variant-wise ex-showroom, Delhi, price of City, Civic and Accord is as follows:

Price Change : Summary		W.E.F : 8th Dec 2008
Type		Ex-Showroom (Delhi)
		Current	New	Diff
City	EMT	770,000	751,000	-19,000
	SMT	820,000	799,900	-20,100
	SAT	890,000	869,000	-21,000
Civic	VMT	1,216,000	1,187,000	-29,000
	VAT	1,286,000	1,255,000	-31,000
Accord	MT	1,699,000	1,672,000	-27,000
	AT	1,774,000	1,746,000	-28,000