70,000 Accords expected to b sold in China
01-15-2003, 07:19 AM
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70,000 Accords expected to b sold in China
Tokyo, Jan. 15 (Bloomberg) -- Honda Motor Co. said it expects to sell 70,000 of its new Accord sedan in China in the first year after starting sales this month, as Japan's second-largest automaker expands its range in the country.
The model, based on the U.S. version, will be priced at 259,800 yuan ($31,390) for its 2.4-liter version, the company said in a statement. The automaker's plant operated by Guangzhou Honda
Automobile Co. began production of the new model today.
Automakers from around the globe are competing to increase market share and customer loyalty in one of the fastest growing auto markets in the world as economic growth in the U.S., Europe and Japan slows. Honda, which analysts have said is one of two automakers making a profit in China, is doubling its production capacity in China to 240,000 units by early 2004 from 2003.
"We expect China and U.S. to be the two auto markets that will grow,'' President Hiroyuki Yoshino said last month.
Parts made locally for the latest Accord will increase to 70 percent from 60 percent in the previous version, the company said. Guangzhou Honda began production of the Accord in March 1999 and total sales have reached about 139,000 units.
The automaker will release the new model equipped with a 2-liter engine in March and a version with a 3-liter V6 engine in April, Honda said.
Honda started making the Odyssey minivan at Guangzhou Honda
in April 2002, and will start producing the Fit saloon compact sedan later this year. The automaker is increasing the number of dealers to about 200 from 140 by the end of 2003.
Total production capacity at Guangzhou Honda will increase to 120,000 units by next month from 50,000 units, with a further increase to 240,000 units by early 2004. Actual production at the plant was 59,000 units in 2002, while Honda is targeting to make 112,000 units in 2003.
The model, based on the U.S. version, will be priced at 259,800 yuan ($31,390) for its 2.4-liter version, the company said in a statement. The automaker's plant operated by Guangzhou Honda
Automobile Co. began production of the new model today.
Automakers from around the globe are competing to increase market share and customer loyalty in one of the fastest growing auto markets in the world as economic growth in the U.S., Europe and Japan slows. Honda, which analysts have said is one of two automakers making a profit in China, is doubling its production capacity in China to 240,000 units by early 2004 from 2003.
"We expect China and U.S. to be the two auto markets that will grow,'' President Hiroyuki Yoshino said last month.
Parts made locally for the latest Accord will increase to 70 percent from 60 percent in the previous version, the company said. Guangzhou Honda began production of the Accord in March 1999 and total sales have reached about 139,000 units.
The automaker will release the new model equipped with a 2-liter engine in March and a version with a 3-liter V6 engine in April, Honda said.
Honda started making the Odyssey minivan at Guangzhou Honda
in April 2002, and will start producing the Fit saloon compact sedan later this year. The automaker is increasing the number of dealers to about 200 from 140 by the end of 2003.
Total production capacity at Guangzhou Honda will increase to 120,000 units by next month from 50,000 units, with a further increase to 240,000 units by early 2004. Actual production at the plant was 59,000 units in 2002, while Honda is targeting to make 112,000 units in 2003.
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