NEW DELHI: Japanese car maker Honda will introduce one new product every year for the next three to five years to raise its market share in the Indian market, a company official said.
Honda Cars India presently has two models in the country, a compact sedan and a sedan, which accounts for 2.5 per cent market share in the country.
“We are going to launch one new model every year for the next three to five years. These could be either new models or variants”, Kunal Behl, VP (marketing and sales), Honda Cars India said.
Behl said that there are also plans to re-launch an SUV in the first half of the next fiscal year to ride on the booming segment in the country.
He said that Honda in India is expected to grow eight per cent in the current fiscal year, with around 92,000 units.
Besides, the company is also exporting cars from India to Turkiye, Mexico, South Africa and West Asia, comprising 23,000 units in the current fiscal.
“This export growth was 25 per cent higher than the previous period”, he added.
Behl said with Honda launching a hybrid model in the country presently, the company plans to launch a fully electric vehicle in the country. However, he did not give any time frame.
Honda had already withdrawn its two hatchbacks and SUVs from the Indian market.
Behl said that the company has a capacity of 1.8 lakh per annum at its Rajashthan plant and is scalable, he added.
Source: Press Trust of India