Business Daily from THE HINDU group of publications
Friday, Feb 29, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Feb 29, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Announcements Ashok Leyland raises vehicle prices by 2.5% Our Bureau Chennai, Feb. 28 Ashok Leyland today announced a 2.5 per cent hike in prices of its medium and heavy duty commercial vehicles with immediate effect. The company has said the price hike has been necessitated by rising input costs. Vehicles would cost roughly Rs 12,000 to Rs 13,000 more because of today’s price revision. Industry observers are sceptical about the impact of the price hike. The commercial vehicles industry is in a slowdown mode and many in the industry believe that the market is in no position to take a hike in prices. Any increase in prices will be given back in terms of discounts, said a dealer, who requested not to be named. “The price revision move is to put pressure on the market and clear out the current stock with the dealers,” he said. ImpactAsked for a reaction, Mr T.T. Srinivasa Raghavan, Managing Director, Sundaram Finance Ltd, which is one of the leading financiers of commercial vehicles purchases, said, “Given the current state of the commercial vehicles industry and the recent hike in diesel prices, this is not the most encouraging of news.” Another source in the finance industry termed price hike as “ironical” because on the one hand, vehicle manufacturers blame vehicle financiers for high interest rates while on the other, they themselves hike prices when their own input costs go up. More Stories on : Announcements | HCV/LCV/Tractors
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