News Releases 2004

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Corporate
Japan
March 25, 2004

Sales Increase Boosts Domestic Production

March 25, 2004 – Honda Motor Co., Ltd. today announced that despite an overall decline in exports, domestic production increased in February, based on strong domestic sales of the new Odyssey, Life mini-vehicle and Fit. Overseas production also rose for the first time since December, powered by the continued growth of production in Asia.

Japan domestic sales increased by 2.8% in February and by 5% for the first two months of 2004 – led by the all new Odyssey, contributing 13,984 units in February (+447%), and Honda’s best-selling vehicle of the month, Life, with sales of 16,274 units (+43%). Nearly three years after its introduction, Fit sales also remained strong with 11,780 units in February.

Domestic production increased 1.4% compared to the same month last year. Overseas production increased 1.6%, powered by Asian markets, where production increased 36.7% compared to February 2003.

With a decline in shipments to North America (-5%) and Europe (-12%), total exports fell from the pace of the previous year. However, for the first two months in 2004, total exports remain ahead of the same period in 2003 (+1%).

PRODUCTION, SALES, EXPORTS (February 2004)

PRODUCTION

  February Annual Total‐2004
Units Vs.02/03 Units Vs.2003
Domestic 104,695 +1.4% 195,597 -7.4%
Overseas (CBU only) 149,955 +1.6% 299,841 -1.4%
Worldwide Total 254,650 +1.6% 495,438 -3.9%

OVERSEAS PRODUCTION

  February Annual Total‐2004
Units Vs. 02/03 Units Vs.2003

North America

101,169 -6.8% 201,580 -10.5%

(USA only)

(66,968) (-8.1%) (133,095) (-11.8%)

Europe

17,233 +0.8% 34,697 -3.4%

Asia

27,086 +36.7% 53,991 +39.6%

Others

4,467 +117.5% 9,573 +120.5%
overseas Total 149,955 +1.6% 299,841 -1.4%

SALES (JAPAN)

Vehicle type  February Annual Total-2004
Units Vs. 02/03 Units Vs.2003

Passenger Cars
& Light Trucks

41,005 -4.9% 74,071 -4.1%

Imports

916 -30.0% 1,636 -37,5%

Mini Vehicles

23,351 +20.0% 40,495 +26.9%
Honda Brand Total 64,356 +2.8% 114,566 +5.0%

EXPORTS

  February Annual Total‐2004
Units Vs. 02/03 Units Vs.2003

North America

20,365 -5.1% 41,169 +0.7%

(USA only)

(18,003) (-5.7%) (37,330) (+0.7%)

Europe

10,760 -12.1% 23,136 -10.4%

Asia

1,251 -39.4% 2,081 -43.9%

Others

7,400 +81.6% 15,514 +45.2%
Total 39,776 -0.2% 81,900 +1.0%