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Wed, Aug 15, 2018 | Last Updated 10:48 pm IST

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Luxury cars will get dearer by Rs 1.25-5 lakh

Luxury cars will get dearer by Rs 1.25-5 lakh
Luxury cars will get dearer by Rs 1.25-5 lakh
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New Delhi sources have stated that in order to promote local manufacturing, Finance Minister Arun Jaitley had announced an increase in basic customs duty by 5-7.5% on cars, bikes and SUVs, which are imported as completely knocked down (CKD) units as an effect to this announcement, luxury cars will get dearer by Rs 1.25-5 lakh, and this will jolt the demand of luxury cars.

On the recent announcement made by Finance Minister on the Union Budget 2018, Rahil Ansari, head, Audi India, said: “For the luxury auto sector, the Union Budget 2018-19 is a disappointing and is against the spirit of partnership. As a manufacturer, we have a core social responsibility towards our workforce and the dealer network.”

Luxury cars will get dearer by Rs 1.25-5 lakh

He added that Motorcycle companies like Triumph will be affected due to the increase in tariff for CKD units and the luxury carmaker pointed that the Budget definitely needed an inclusive view for the luxury automobile industry, which would have helped the industry to rebound and create more jobs.

Luxury cars will get dearer by Rs 1.25-5 lakh
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