February 28, 2006 New Delhi

New Delhi, February 28: The price of Honda City ZX EXi and GXi variants have been reduced by Rs. 2000, the City ZX VTEC price has been reduced by Rs. 10,000. The higher import content in City VTEC has resulted in a higher reduction in its price vis-à-vis the other City variants. The price of Honda Accord has been reduced by Rs. 15,000.

The prices have been revised following the peak customs duty reduction from 15% to 12.5%, announced by the government as part of Budget proposals for the year 2006-07. The new prices will be effective starting today.

Mr. Rajive Saharia, GM-Sales and Marketing, Honda Siel Cars India Ltd., said, “We are passing on to our customer whatever cost benefit we have got due to the duty cut. We are confident that this move will further improve the tremendous customer response received by both these models till now.”

However, the price of Honda CR-V has been increased by around Rs 33,000 due to the introduction of the 4% Countervailing Duty (CVD) on imports, announced during the Budget proposals.