India (Commonwealth) _Honda Cars India reported a 17% rise in total wholesales in October to 13,083 units on Wednesday. In the previous year, the carmaker shipped 11,221 vehicles, according to a statement.
Domestic sales were 9,400 units last month, up from 9,543 units the previous year. Exports increased to 3,683 units last month, up from 1,678 units in October of previous year, according to the report.
During the festival season, there is a high demand for our new model Elevate, which has received an overwhelming reaction from our clients. We are working hard to accommodate the model’s high demand, Yuichi Murata, Director (Marketing and Sales) at Honda Cars India, stated.
He also mentioned that the City and Amaze models had maintained their strong performance. As we approach the auspicious festivities of Dhanteras and Diwali, Murata remarked, “our dealerships are focusing on maximising deliveries to our esteemed customers.”
Honda Cars is to introduce its first India-focused electric vehicle (EV) within the next three years, according to President and Chief Executive Officer Takuya Tsumura, who also stated that the Japanese automaker plans to sell five premium sport utility vehicles (SUVs) in India by 2030.
The Elevate, the first of five SUVs powered by an internal combustion engine (ICE), was introduced in Delhi on Tuesday. While the pricing has not been announced, it is estimated to cost between Rs 12-17 lakh (ex-showroom).
The Elevate is Honda’s entry into the midsize SUV sector, which includes competitors such as the Creta, Seltos, and Grand Vitara, among others. The second SUV would be an electric vehicle. Tsumura told Business Standard that it will be based on the Elevate.
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Honda Cars’ yearly domestic sales climbed by around 7% to 91,418 in fiscal year 2022-23 (FY23). According to SIAM, this was much lower than the growth rate of the Indian automobile sector, which was 26.7 percent in FY23.
Honda Cars India provides four new models in India, with prices ranging from Rs. 7.09 Lakh to Rs. 20.39 Lakh. Honda’s most popular models include the City (Rs. 11.62 Lakh), Amaze (Rs. 7.09 Lakh), and City Hybrid (Rs. 18.89 Lakh). Amaze (Rs. 7.09 Lakh) is the cheapest Honda automobile, while City Hybrid (Rs. 20.39 Lakh) is the most costly. Honda automobiles are scheduled to be launched in India in the years 2023-2024, with the WR-V (Rs. 8.00 Lakh) and Freed (Rs. 9.00 Lakh).
Taxes on EVs are now lower than those on hybrids or gasoline vehicles, he noted. “I’m not sure how long this will go on.” “We must monitor the situation,” he continued.
The central government levies a 5% goods and services tax on EVs, compared to 43% on hybrids and 45% on gasoline vehicles. If there’s one thing lacking from Honda India’s lineup, it’ll be some fun-to-drive vehicles. In India, Honda signifies no-nonsense automobiles that are trustworthy and get the job done, as opposed to other markets where they also stand for enjoyment.
Honda Cars made its Indian début in 1995 with models such as the City and the Accord. The Honda City remains the most successful model in Honda’s India portfolio, followed by cars such as the Amaze and Civic. Honda provides the 7-seater CR-V as well as smaller SUVs such as the Jazz-based WR-V and the BR-V in the SUV segment.
According to 2022 data, India’s automobile sector is the fourth-largest in terms of output in the world. In terms of sales, India will be the world’s third largest vehicle market by 2023. India will be the fourth largest country in the world in terms of automotive sector worth in 2022. India’s car sector is expected to be valued more than $100 billion by April 2022, with just 22 autos per 1,000 inhabitants.
