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Corporate September 16 , 2003 |
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| Honda Begins Production of First Small Car "Fit Saloon" in China |
Guangzhou, September 16, 2003
--- Guangzhou Honda Automobile Co., Ltd., Honda's automobile production
and sales joint venture in China, today held a line-off ceremony to launch
production of an all-new small car, the Fit Saloon, for the Chinese market.
The Fit Saloon will go on sale nationwide beginning September 28, 2003,
at a price of 99,800 yuan for the 5-speed manual transmission model -- with
a sales target of 16,000 units for this calendar year.
The Fit Saloon is based on the City model that has been produced in Thailand
and sold in various countries in Asia (in Japan, it is marketed as the Fit
Aria). For China, modifications were made to match local road and usage
conditions. In addition to high levels of quality, reliability and safety,
the Fit Saloon offers excellent driving performance, outstanding comfort
and functionality, and advanced styling. Regarding environmental performance,
the Fit Saloon also offers exceptional fuel economy and meets the Euro 3
standard for tail pipe emissions.
The small car market in China is growing as rapidly - as is the Chinese
economy as a whole. The year-to-date sales for the small car market (1.0-1.5
liter) in China at the end of August 2003 exceeded 170,000 units, more than
twice the volume (219%) of to the same period in 2002. Guangzhou Honda has
been expanding its sales based on upscale vehicles such as Accord and Odyssey.
The company expects to further increase sales in China by entering the small
car market with the introduction of the Fit Saloon.
For the first time, parts such as the SRS airbag system and brake system
are also being procured locally, helping increase local content for the
Fit Saloon to approximately 80%. Together, the scale of economy and high
local content ratio contribute to the ability to achieve a lower price for
the Fit Saloon.
Beginning operations in March 1999 with production of the Accord, Guangzhou
Honda added Odyssey production in April 2002. To accommodate production
of this third model, the annual production capacity of Guangzhou Honda will
be doubled from the current 120,000 units to 240,000 units by spring 2004.
Guangzhou Honda produced approximately 59,000 units in 2002, and cumulative
production and sales through August 2003 exceeded 220,000 units (since production
began in March 1999). For 2003, production is expected to increase to 117,000
units.
Guangzhou Honda plans to expand the size of its dealer network from the
current 160 dealers to 200 dealers by the end of 2003. It was the first
sales and service dealer network to be established by an automaker in China
-- and integrates sales, service, service parts supply and customer feedback.
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| Line-off ceremony for the Fit
Saloon
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Outline of the Fit
Saloon
Main Features
- 1.3 liter 4 cylinder i-DSI
engine
- SRS airbag systems for driver and front-seat passenger
- ABS (4-wheel anti-lock brake system) with EBD (electronic brake force distribution system)
- 3-point ELR seatbelt pretensioner
- Front and rear power window
- Power center door lock
- Air conditioner
- CD player with AM/FM tuner
- Immobilizer system
- Keyless entry system
Guangzhou Honda Automobile Co., Ltd.
| Established: |
July 1998 |
| Capital Investment: |
Approx. 1.15 billion yuan |
| Capitalization Ratio: |
Honda Motor Co., Ltd.: 50%
Guangzhou Auto Group Corp.: 50% |
| Location: |
Guangzhou City, China |
| Representative: |
President, Koji Kadowaki |
| Employment: |
Approximately 3,350 associates |
| Start of Production: |
March 1999 |
| Products: |
Accord 2.0L, 2.4L, 3.0L V6
Odyssey
Fit Saloon |
| Annual Capacity: |
120,000 units
* To be expanded to 240,000 units by spring 2004. |
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