September 13, 2004 --- Guangzhou Honda Automobile Co., Ltd., Honda's automobile production and sales joint venture in China, began production September 12, of Fit, a new small car for the China domestic market. Fit will go on sale September 22.
Beginning production in March 1999 with the Accord, Guangzhou Honda has responded to customer needs in China by offering a product lineup ranging from mid- and high-end cars to economy cars, which now also includes the Odyssey and Fit Saloon. By adding the 5-door Fit, to the existing economy car lineup of 1.3 liter and 1.5 liter Fit Saloon models, Guangzhou Honda will be better able to meet the needs of the potentially large market of middle class individual car buyers. To date, sedans have been the focus of the Chinese auto market. However, Guangzhou Honda wants to create a new trend by developing the 5-door hatchback segment.
China is the fifth country to produce the Fit -- after Japan, Brazil, Thailand, and Indonesia. The Fit first became popular in Japan, but has also been well-received in more than 70 countries in Europe, Asia and South America -earning recognition as a global model along with the Accord, Civic and the CR-V. Since it was first introduced a little more than 3 years ago, cumulative sales of the Fit now exceed 850,000 units.
From January through August of 2004, the automobile passenger market in China has grown to roughly 1.62 million units (+21% compared to the same period in 2003). Sales at Guangzhou Honda have risen to approximately 117,000 units during this same period (+70.2%).
|1.3 liter MT||96,800 R.M.B|
|1.3 liter CVT||106,800 R.M.B|
|1.5 liter MT||106,800 R.M.B|
|1.5 liter CVT||116,800 R.M.B|
●About Guangzhou Honda Automobile Co., Ltd.
|Capitalization Ratio||:||50% Honda Motor Co., Ltd.
50% Guangzhou Auto Group Corp.
|Location||:||Guangzhou City, China|
|Representative||:||Sho Minekawa, President (Director, Honda Motor Co., Ltd.)|
|Employment||:||Approximately 4,300 associates|
|Start of Production||:||March 1999|
|Products||:||Accord 2.0L, 2.4L, 3.0L V6, Odyssey, Fit Saloon 1.3L, 1.5L
Fit 1.3L, 1.5L
|Annual Capacity||:||240,000 units|