Honda Motor Co Ltd (ADR) (NYSE:HMC) unveiled its plans to begin the production of new HR-V in the first quarter of this year. This is the first time that Honda’s car is getting rolled out in the nation. As part of the annual International Motor Show held in Sao Paulo last week, the car was displayed. Simultaneously, the car is being manufactured in Brazil and Mexico.
It’s a great privilege to begin the production of the global model in the nation. It will enable us to increase our annual production and exports by two-fold”, said Honda Motor President in Argentina.
Honda HR-V is laced with a 1.8L i-VTEC engine and dual choices of transmission – a CVT automatic and a six-speed manual. Initially, the HR-V will have a local market share of 21%, the president revealed.
However, the price and the equipment details are not revealed by the president.
Honda’s new version integrates the dynamics of an SUV, the flexibility of a minivan and the elegance of a coupe. With a contemporary and sporty design, it plans to build a new segment in the SUV crossover market.
The production-related work of the Honda Car began in September 2014 itself. The new model will be sold on the soil of Argentina and will also be exported to other nations. Further, the project covers the advancement of 60 new local parts. The annual production rate of the plant is expected to be 15,000, of which 65% is destined for exports.
Honda’s decision to set up a car manufacturing facility in Argentina too surprised everyone as the stage was the launch of the car model in Brazil.
Honda Motor Co Ltd (ADR) (NYSE:HMC) has an ambitious plan of starting a production of two new motorcycle models in the plant in the middle part of the year, with an export capacity of $10 million.
In a related development, the automobile major announced its decision to invest $600 million to build light trucks in Cordoba.
