Home grown auto major Mahindra & Mahindra has announced a reduction in prices of all its passenger vehicles, ranging from INR 13,000 to INR 49,000. The company also said to bring the Ssangyong Rexton's price down by upto INR 92,000. The reduction has been done due to the lower excise duties announced in the Interim budget passed on this monday. The new prices will come into effect immediately.
Commenting on the price reduction, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. said, "We are delighted at the Interim Budget announcements which have been taken to boost the automotive industry. We are confident that the reduction in prices by Mahindra as well as other auto companies would provide the much needed fillip to the auto industry. The prices of our range of commercial vehicles are also being reduced."
As per the new budget, excise duty on small cars has been cut down to 8 percent from 12 percent. While for SUVs and medium cars, the excise duty has come down to 24 per cent and 20 per cent, respectively.