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Rolls-Royce And Aston Martin Slash Prices In India — The Brexit Effect
Rolls-Royce and Aston Martin have slashed prices for their UK-made cars in the Indian market. Due to the decline in the value of pound, the import duties have marginally reduced.
Rolls-Royce and Aston Martin have slashed prices of their UK-made cars in the Indian market. The price cut range from Rs 20 lakh to more than Rs 1 crore. The reason behind this development is the nosediving of the value of pound due to Brexit.
The value of the pound has dropped around 20 percent against the Indian rupee. Hence exporting is cheaper for UK-based manufacturers and companies that bill India sales in the British currency. Italy's Ferrari is also one among them, and they have cut prices by 5 percent to 15 percent.
Several supercar dealers in the country expect a climb in the import of cars from the UK. The German and Italian car manufacturers might face a fierce competition as they deal in dollars and euros.
Director at Performance Cars, official importer Aston Martin, Lalit Choudhary said, "Pricing is at its best over the past three to four years."
The enquiries for the Rolls-Royce and Ferrari cars have seen a significant increase in the recent weeks. Director of Navnit Motors, the official importer of Rolls-Royce and Ferrari, Sharad Kachalia said, "The market situation is very positive. All uncertainties have gone away, with a relatively stable government (in India) and benefits of currency depreciation being passed on."
One of the major roadblocks in India for supercars has been the high import duty. In the past five years, the taxes on cars costing more than Rs 2 crore has gone up by 70 percent.
Via EconomicTimes
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