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India Auto News Wednesday, 03 Mar. 2010 |
National - Excise duty up 2 percent; automakers hike car prices- Car prices to be pushed up further in April 2010 - M&M plans 9 new product launches; hikes vehicle prices - Maruti Suzuki increases social sector investment by 5 percent from 2007 to 2009 - Tyre prices may go up by 2 percent - Petrol, diesel prices go up by over Rs 2 per litre; no rollback, says PM |
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Excise duty up 2 percent; automakers hike car prices
A number of auto companies in the country have hiked car prices following the announcement of Budget 2010-11 last week, which increased the excise duty on all non-oil products from 8 percent to 10 percent.
The excise duty on bigger cars, which stood at 20 percent earlier, has gone up to 22 percent. The companies that have announced definitive price hikes so far include Maruti Suzuki, Hyundai, M&M, Honda Siel, Tata Motors, Fiat and General Motors. |
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Car prices to be pushed up further in April 2010 Car prices in the country will be pushed up further in April 2010, after the implementation of the Bharat Stage IV emission norms in 13 cities, and BS III norms in the rest of the country. Mr Pawan Goenka, President of the Society of Indian Automobile Manufacturers (SIAM), said that though the impending hike in April was a cause for concern, it was also necessary. He added that the recent 2-percent hike in excise duty had been expected and was not likely to hurt the automobile market. |
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M&M plans 9 new product launches; hikes vehicle prices Mahindra & Mahindra is planning to launch 9 new vehicle models across the various segments it operates in, including two-wheelers, by March 2011. Mr Pawan Goenka, the President of the company's automotive sector, said that the new models will include the electric version of the Maxximo, which was showcased at the Delhi Auto Expo in January. Meanwhile, the company also announced a hike in its model prices, ranging from Rs 2,500 for three-wheelers to Rs 18,000 for the Scorpio's top-end variant. |
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Maruti Suzuki increases social sector investment by 5 percent from 2007 to 2009 Maruti Suzuki India Limited (MSIL) increased its expenditure on social sector schemes from Rs 7.3 crore in 2008 to Rs 7.67 crore 2009, according to the company's sustainability report. The report gives details of Maruti's initiatives in saving energy, and developing environment friendly technologies in the automotive sector. The company's CSR initiatives include ensuring the well-being of the people living in four villages around Manesar, where its manufacturing facility is located. |
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Tyre prices may go up by 2 percent The 2 percent hike in excise duty announced last week may lead to an increase in tyre prices sometime soon. According to Mr AS Mehta, Director - Marketing, JK Tyres, it is only a matter of time before the increased excise duty is passed on to consumers. There may also be an additional increase in tyre prices due to the increasing costs of natural rubber, which have gone up by 100 percent over the past one year. |
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Petrol, diesel prices go up by over Rs 2 per litre; no rollback, says PM Budget 2010 has increased the price of diesel by Rs 2.55 per litre and that of petrol by Rs 2.71 per litre. The hike in fuel prices has led to a massive protest by members of opposition parties, as well as allies of the ruling Congress Party. In spite of the protests, however, Prime Minister Manmohan Singh has said that there will be no roll-back of the hike, as the government has to take a long-term view. |
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NEWSLETTER ARCHIVES - Auto News Roundup, 25-February-2010 - Auto News Roundup, 23-February-2010 |
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