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Hero Honda, Ford cut India bikes, cars prices

Hero Honda, Ford cut India bikes, cars prices

Hero Honda, Ford Motors cut prices after government announces stimulus package.

Mumbai: Hero Honda Motors Ltd, India's leading motorcycle maker, has reduced the prices of its products after the government cut a tax as part of a stimulus package.

The reduction ranges between Rs 1000 ($20) to Rs 2000 across its product portfolio, it said in a statement issued late on Tuesday.

Ford Motor's Indian unit has also cut prices of its cars by Rs 17,500 to Rs 54,000.

The government on Sunday announced a 4 per cent cut in central value-added tax on all products other than petroleum, as part of a stimulus package to boost the slowing economy.

No 2 bike-maker Bajaj Auto and car-makers Maruti Suzuki India, Hyundai Motor India and Honda Siel Cars India announced price cuts earlier in the week.

Hero Honda, in which Japan's Honda Motor Co holds 26 per cent, saw its sales rise 0.5 per cent in November from a year earlier.

first published:December 10, 2008, 10:25 IST