Honda Motor president and CEO Takeo Fukui on Tuesday announced the company will launch a small car in India as it goes in for a new plant to expand capacity in the country.
In his year-end address in Tokyo, Fukui said the company was aiming to produce and sell more than 1,50,000 cars in India annually by the end of 2010.
This is the first time Fukui has officially announced that the company would be joining the big-volume small car bandwagon in India.
Honda, which is currently doubling capacity at its Greater Noida plant to 1,00,000 units at an investment of Rs 400 crore (Rs 4 billion),
is also scouting for a location for a new greenfield plant, possibly to be used for the small car.
The company is estimated to be mulling investments of around $200 million for the new plant. Fukui announced a series of initiatives and expansion plans for Honda operations in Japan and across the world in his address.
"Annual automobile production capacity in India will be doubled to 1,00,000 units by the end of 2007," he said, adding that it was progressing as per schedule. Honda has a partnership with the Shrirams in India, though it holds as much as around 99 per cent in the joint venture Honda Siel Cars India.
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