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Hero Honda, Ford cut India vehicle prices

Wednesday, December 10, 2008 , Posted by Linda at 10:19 AM

Wed, Dec 10 09:39 AM

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 1000 rupees ($20) to 2000 rupees 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 17,500 to 54,000 rupees.

The government on Sunday announced a 4 percent 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 percent, saw its sales rise 0.5 percent in November from a year earlier.

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