TVS Motor Company today announced cutting prices by up to Rs 3,500 across its product portfolio following excise duty reduction announced in the interim Budget.
"In keeping with TVS Motor Company's tradition of trust and transparency, the benefit of the excise duty reduction has been passed on to the consumers through price reduction ranging between Rs 850 and Rs 3,500 on the entire range of two and three wheeler models," TVS Motor Company Vice President Sales J Srinivasan said in a statement.
The company has also worked out a mechanism to support all our channel partners so that the benefit of the price reduction is available to the consumers even on existing stock, he added.
The company sells various motorcycle models, including Star City and Apache RTR and scooter models like Jupiter and Wego. Besides, the company also sells three wheelers.
In the interim Budget 2014-15, Finance Minister P Chidambaram had announced reduction of excise duty on small cars, scooters, motorcycles and commercial vehicles to 8 per cent from 12 per cent earlier; 24 per cent from 30 per cent on SUVs; 24 per cent from 27 per cent on large cars; 20 per cent from 24 per cent in mid sized cars.
Other two-wheeler makers, Yamaha, Hero MotoCorp and Honda Motorcycle and Scooter India (HMSI) have also announced price cuts after the excise duty cut.