New Delhi, Jan 29 (IANS) Honda Motor Company has announced that for the current fiscal year ending March 31, its global motorcycle unit sales are expected to reach 20.2 million units, which is approximately a 40 per cent share of its global sales.
The Asian market, including India, Indonesia, Thailand and Vietnam, accounts for 85 per cent of global unit sales (17.17 million units), and Japan, Europe and the US markets account for 6 per cent (1.2 million units), the company said at a press briefing by top Honda executives in Tokyo.
The Japanese auto giant said it is envisioning further growth in global demand for motorcycles, mainly in the region referred to as the “Global South,” which consists of: Southwest Asia, whose largest market is India, as well as Indonesia, the Philippines; and Brazil and other Central and South American countries.
Regarding its India business, Honda Motor Company said it has steadily increased sales volume and the largest market share is now within reach. The company has plans to set up an electric motorcycle plant in India by 2028.
With this expected trend, the industry-wide global motorcycle sales, currently at a scale of 50 million units, is projected to grow to 60 million units by 2030, including electric vehicles.
In order to respond to this market growth and increased demand with certainty, Honda will continue introducing more competitive products, pursue carbon neutrality through various measures including electrification and further solidify its motorcycle business, with a long-term target to capture a 50% share of the global motorcycle market including electric motorcycles.
Honda plans to roll out 30 electric two-wheeler models by 2030 to meet its projected EV sales target of annual 4 million units.
Honda’s two-wheeler business clocked $3.6 billion in operating profit for the year ended March 2024. It currently produces over 20 million units every year in 37 facilities across 23 countries and regions.
The automaker also said it is exploring the possibility of relocation of its Mexico plant, in light of potential tariffs on Mexico by US President Donald Trump. Honda Motor Co makes around 9,000 units annually at its Mexican facility, which are exported to the US. “Of course there will be an effect. We’re considering relocation as a possible option but no decisions have been made,” said Minoru Kato, executive officer in charge of Honda’s motorcycle unit.
—IANS
sps/na
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
