News Releases 2002

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January 15, 2002

Honda Revs up Two-wheeler Sales Target in India

New Delhi, January 15, 2002 --- Honda Motor Co., Ltd., together with Hero Honda Motors Ltd., a joint venture company, and subsidiary Honda Motorcycle & Scooter India (Private) Ltd. (HMSI), today announced that they would bring forward the two-wheeler business schedule in India by one year and target sales of 1.75 million units in fiscal 2002.

Hero Honda sold 1.3 million motorcycles last year, becoming India's leading two-wheeler maker, mainly due to the popularity of its best-selling model SPLENDOR, which sold 719,000 units, and the new model PASSION. The company hit cumulative production of 5 million units in October, 2001.

HMSI sales are growing, thanks to its first model, the ACTIVA, which was launched last July and sold 32,000 units last year. In the middle of this year, HMSI will also launch a new concept scooter appealing to younger customers.

Anticipating the great potential of the Indian two-wheeler market, HMSI has arranged to obtain land adjacent to the factory in order to expand production capacity. By 2003, HMSI will more than double production capacity, from 120,000 units to 250,000 units.

Honda will also enhance and strengthen safety and environment protection in India, while Hero Honda and HMSI will continue to cooperate in research, development and production in India.