Hanoi, January 19, 2002 --- Honda Motor Co., Ltd. announced that Honda Vietnam Co., Ltd. (HVN), Honda's joint venture company in Vietnam, today started production and began sales of the Honda Wave α, a new motorcycle designed to match the Vietnamese market needs.
The Honda Wave α has achieved low price, yet high quality and dependability, through using cost-reduced locally made parts as well as parts obtained through Honda's global purchasing network. The new model will be sold for 10.99 million VND* (Approx. US $732), about 40% less than existing models made by HVN. HVN's planned annual sales target for the Honda Wave α is 200,000 units.
With the launch of the Wave α, HVN's new production and sales model lineup now consists of three models, ranging from a low-priced model to a high-value-added model that meets the diverse needs of Vietnamese customers.
|* Future :
||A high-value-added, top-level, and fashionable Cub type model.|
|* Super Dream :||An all-round Cub type model with deep-rooted popularity in Vietnam.|
|* Wave α :||A basic Cub type model which provides value for money and matches the demands of Vietnamese customers.|
Although the Vietnamese motorcycle market was affected by the Asian economic crisis in 1997, it has recovered steadily since then. Due in part to a surge in Chinese-made motorcycles from later 2000, it is estimated that the market reached approximately 1,970,000 units in 2001.
HVN expects its 2002 sales to reach 350,000 units, more than two times the 2001 figure of 170,000 units.
HVN's [Wave α]
◆Outline of Honda Vietnam Co., Ltd.
|Capital||:||US $31.2 million|
|Equity ratio||:||70% Honda Group (42% Honda Motor Co., Ltd.,
28% Asian Honda Motor Co., Ltd.)
30%, Vietnamese partner, Vietnam Engine and Agricultural Machinery Corporation (VEAM)
|Location||:||Suburbs of Hanoi, Phuc Thang Commune, Me Linh District, Vinh Phuc Province, S.R. Vietnam|
|Number of employees||:||1,143 employees|
|Commencement of mass production||:||December 1997|
|Production capacity||:||450,000 units/year|