Honda enters into the highly competitive low-price compact car segment in India with the launch of its Brio model, priced between Rs 3.95 lakh and Rs 5.1 lakh (ex-showroom, Delhi).
"With Brio, we will be entering a new segment for the first time in India. It has been designed and developed specially to meet the needs of customers here," HSCI president and CEO Takashi Nagai said.
"The Brio is at present about 80 per cent localised and over the next few months, it will reach 90 per cent. This has been key to the pricing strategy of the Brio." He adds.
In a joint venture with the Siel group, Honda Siel Cars India is eyeing revenues of Rs 112 crore in this year from the export of auto components from India. "We will have export turnover of Rs 112 crore this fiscal," he said. The company also exports components for the City and Jazz to Malaysia and Indonesia.
The Brio will be available in four variants and it is supposed to compete with Hyundai i10, Maruti WagonR and General Motors Chevrolet Beat.
"The compact car segment will soon become the second pillar of business for Honda in India," Nagai said.
