Honda Plans To Launch 10 New Models By 2030
Nakajima announced that it is also gearing up to re-enter the sub 4-meter SUV segment, which is one of the largest verticals volume wise in the overall PV market.
Japanese auto major Honda will launch ten new models, including seven SUVs, in the Indian market by 2030 as it aims to bolster sales and enhance market share in the robustly growing Indian passenger vehicle market, according to a top company executive.
Terming India as a top priority market for future growth along with the US and Japan, the Tokyo-headquartered automaker plans to drive in both global premium products and locally produced models to cater to the Indian passenger vehicle market which is expected to touch 60 lakh units annual mark by 2030 from around 43 lakh units currently.
In an interaction here, Honda Motor Co., Ltd. Director, President and Representative Toshihiro Mibe said the automaker is finalising strategies for the Indian market amid changes in the global markets with the emergence of Chinese OEMs.
Even Honda is impacted by this trend and in this kind of situation the company considers North America, Japan, and India as its growth markets.
'India is going to be a priority market, and that's the market where we want to spend more effort going forward. Within Honda, we've initiated a project team, especially for the Indian market, and the project team is working on coming up with the strategy for the Indian market now,' Mibe said.
For instance, just like Honda's two-wheelers are performing well in the Indian market with a collaborative approach with the Indian suppliers and original equipment manufacturers (OEMs), there could be similar partnerships for the cars business to maximise its localisation in the country, he added.
Elaborating further on the plans, Honda Cars India President and CEO Takashi Nakajima said the company has aggressive product plans for the country.
'We are planning to launch ten more models in India till 2030. With SUVs becoming mainstream, seven out of the ten models would be catering to that segment,' he added.
Nakajima announced that it is also gearing up to re-enter the sub 4-meter SUV segment, which is one of the largest verticals volume wise in the overall PV market.
"We are considering a wider range of options, products catering to enhance sales volume as well as premium products as well," he added.
Honda Cars India, a wholly-owned subsidiary of the Japanese carmaker, currently sells just one SUV model -- Elevate -- in the market with the other two products being Amaze and City sedans.
Honda plans to produce its next-generation EV Honda 0 Alpha in India and later also utilise the country to export to Japan and some other Asian countries. The model is expected to go on sale in India and Japan in 2027.
The automaker confirmed that it would also consolidate hybrid product range in India. Currently only City sedan has variants featuring the hybrid technology.
The company will have products with multiple powertrains including ICE, hybrid and full electric to cater to varied set of customer requirements in India, it stated.
When asked about market share aspirations, Nakajima said that efforts to streamline the model range in the country has impacted the company's volume and now the focus would be to make Honda stronger in the Indian market.
Honda Cars India has seen its market share dip considerably over the last few years amidst enhanced competition.
About expanding production capacity at Tapukara plant in Rajasthan and also possibility of utilising the Greater Noida plant, he noted that nothing is finalised as yet but the automaker is considering various 'options flexibly'.
In 2023, Honda Cars India formally announced closure of manufacturing operations at its Greater Noida facility in Uttar Pradesh.
The automaker said the decision to cease production at the plant, which came up in 1997, has been taken as part of realignment of manufacturing operations with the goal of improving business efficiency.
With the closure of the Greater Noida facility, HCIL also discontinued CR-V and Civic models in the country. Both the models were being manufactured at the plant.
The Greater Noida plant had an installed production capacity of one lakh units per annum. On the other hand, Tapukara facility can roll out 1.8 lakh units per year.
Replying to a query on the deployment of flex fuel technologies in its product range, Mibe said Honda has been offering flex fuel vehicles in the Brazilian market for many years and if required can introduce it in India as well.
Honda Cars India registered a cumulative growth of 20 per cent in its total sales with 1,31,871 units sold during calendar year 2024.
Domestic sales of the company stood at 68,650 units and exports at 63,221 units last year.
The maker of City and Amaze sedans and Elevate midsize SUV sold a total of 1,10,143 units in 2023 with domestic volume of 84,289 units.
