Honda Siel launches compact car Brio priced Rs3.95 lakh

Japanese car major Honda today announced its foray into the highly competitive low-price compact car segment in India with the launch of its Brio model, priced Rs3.95 lakh and Rs 5.1 lakh (ex-showroom, Delhi).

The company, which has a presence in India through a joint venture with the Siel group, Honda Siel Cars India, said it was also targeting Rs112 crore in revenues this fiscal from the export of auto components from India.

"With Brio, we will be entering a new segment for the first time in India. It has been designed and developed specially to meet the needs of customers here," HSCI president and CEO Takashi Nagai told reporters in New Delhi.

He said the company had promised to price the car for under Rs5 lakh and had been able to do this through cost-efficiency measures and high localisation of components. However, the top-end variant of the vehicle could come with a price tag of Rs5.1 lakh.

"The Brio is at present about 80-per cent localised and over the next few months, it will reach 90 per cent," he said, adding, "This has been key to the pricing strategy of the Brio."

The Brio, which would be available in four variants,  would take on the likes of the Hyundai i10, Maruti WagonR and General Motors Chevrolet Beat, that are priced in a similar range.