Honda plans to rev up premium portfolio to regain lost ground
Honda Cars India President Takuya Tsumura, while acknowledging that the Indian subsidiary of the Japanese carmaker has faced some challenging times at the onset of the pandemic, said the company is now back in the black for two consecutive financial years. Honda is looking at introducing one new vehicle every year to expand operations.
“Our aim is to introduce one new vehicle every year, focused at the premium end of the market. We cannot say whether it will be a hatch or sedan or SUV. But our direction is to grow the premiumness (quotient) in future models,” Tsumura said on the sidelines of launch of the new City.
The executive sedan is priced between ₹11.49 and ₹20.39 lakh (ex-showroom, Delhi). Sales of vehicles priced over ₹10 lakh accounted for over 40% of total passenger vehicle sales in the local market last year.
Honda expects this proportion to increase further in the coming years. Apart from locally made new vehicles and full model changes of existing products, the company is also examining the possibility of bringing in imported vehicles in completely built or knocked down forms to strengthen its premium product portfolio in India.
The company has also commenced revamping its sales network across the country as part of its strategy to up its play in the premium segment at a total cost of ₹260 crore.