News Releases 2004

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Corporate
Korea
October 12, 2004

Honda Begins Sales of the CR-V, Honda's Second Model in South Korea

SEOUL, October 12, 2004 --- Honda Korea Co., Ltd., Honda's subsidiary in South Korea, today began the import and sale in South Korea of its second model, the CR-V sport utility vehicle.

Since it was first introduced in 1995, CR-V has become one of Honda’s key global models -- along with Accord and Civic -- with global sales of over 1.8 million units. Based on the North American version of CR-V, the model has been modified in a number of ways, including the making of leather seats a standard feature, to meet the needs and preferences of customers in South Korea. The sales price for the 2.4 liter i-VTEC 4-wheel-drive model will be 33.9 million won, and 29.9 million won for the 2.4 liter i-VTEC 2-wheel-drive model. The CR-V will be manufactured at Honda’s Saitama Factory in Japan.

The South Korean automobile market has become one of the largest markets in Asia with annual sales of 1.32 million units in 2003. The market for imported automobiles grew to approximately 20,000 units in 2003 due to policy changes including a tariff reduction and the end of an embargo on Japanese auto imports in 1999.

In 2003, Honda expanded the function of its existing motorcycle sales subsidiary, Honda Motorcycle Korea Co., to include automobile sales, and renamed the company Honda Korea Co., Ltd. In addition, the amount of capital was increased from the previous 3 billion won to the current level of 12 billion won. Having completed the necessary preparations, Honda Korea entered the automobile market this year with the introduction of the Accord in May. Sales of Accord have been strong, totaling approximately 750 units by the end of September, nearly meeting the 2004 sales target of 800 units. Honda Korea is in the process of developing its own dealer network to handle automobile sales, service and parts sales. In addition to the two dealers already opened in Seoul, Honda Korea plans to establish two more dealers before the end of this year - in Seoul and Pusan.

CR-V Details

Type and Price

  • 2.4 Liter i-VTEC 2WD 29.9 million won
  • 2.4 Liter i-VTEC 4WD 33.9 million won

Main Features

  • SRS airbag system for driver and front-seat passenger
  • Side airbag system for driver and front-seat passenger (available only on 4WD model)
  • Side curtain airbag system (available only on 4WD model)
  • VSA (ABS + TCS + side slip control)
  • Leather seats
  • Front seat heater (available only on 4WD model)
  • In-dash 6-CD changer with AM/FM tuner
  • Aluminum wheels
  • Fog lights
  • Immobilizer
  • Keyless entry
  • Sun roof (available only on 4WD model)
  • Body-colored hard-type spare tire cover (available only on 4WD model)

About Honda Korea Co., Ltd.

Established: October 2001 
Capital: 12 billion won
Capitalization Ratio: 98.75% Honda Motor Co., Ltd.
Representative: President, Woo Young Chung 
Location: Seoul Metropolitan City
Employment: 48 associates 
Business activities: Import, sales and after-sales service of motorcycles and automobiles