Financial Daily from THE HINDU group of publications
Tuesday, Jul 29, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jul 29, 2003 |
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Marketing
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New Products & Services Honda launches Accord in AP Our Bureau
Hyderabad , July 28 LAUNCHING the seventh generation luxury sedan, Honda Accord, in Andhra Pradesh on Monday, Honda SIEL announced its plans to roll out a 3-litre six-cylinder version of Accord early next year and a CRV next month. It has also drawn up plans to increase its dealer network from 33 across the country to about 50 by the end of this fiscal targeting to reach out 20,000 cars. Mr Neeraj Garg, Head (Marketing), said that the company, which sold about 13,000 vehicles in the last fiscal, expects to market about 20,000 cars across models, including 18,000 Honda City cars in the C segment, about 1,000 CRVs and 1,800 Honda Accord luxury sedans. "We are in the process of consolidating our presence in the Indian marketplace. In the C and D segments, which accounted for about 85,000 cars last fiscal, we marketed about 13,000 cars. With a buoyant car market and upswing seen in the GDP, we expect this number to go up to about 100,000 this fiscal in this luxury segment," he added. "Of this growing market, we will be able to notch up about 20 per cent market share this fiscal. By the year 2006, Honda plans to take the number one slot with a market share of about 35 per cent in the premium car market." The dealership will be increased to about 50 from the current 33 to tap newer markets and provide the much-needed after sales service. So far, the company has invested about Rs 450 crore in the manufacturing plant, which has a capacity to churn out about 30,000 cars per year. "During the 2001-2004 period, we had taken a decision to invest about Rs 200 crore and the investment process is under way." The CRV is slated for launch early next month. Its price is expected to be the same as that of the Accord, Mr Garg said.
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