Honda Siel Cars unveils CR-V sports utility vehicle in India

Our Corporate Bureau
10 May 2003

Company officials say the CR-V will sport a price tag of Rs 14-15 lakh, will be brought into India as a completely built unit (CBU) and will be available in India by the end of July 2003.

Honda Siel is positioning the CR-V in the premium sedan segment, in addition to the SUV segment, which hopes to sell 1,000-1,200 cars in the first year of the launch.

Says Honda Siel president and CEO H Yamada: "With the launch of the CR-V, we will be pioneering a new segment in the Indian automobile industry. The CR-V offers its customers the distinctive combination of the comfort of a sedan with the thrills of an SUV."

The second-generation Honda CR-V that will be launched in India is the newest version available internationally and comes equipped with a 142-bhp, 1998cc i-vtec engine. The company is targeting an increase of 50 per cent in turnover this year from a topline of Rs 760 crore during 2002-03.

With this launch, Honda is targeting to strengthen its position in the premium segment. Say company officials: "This year we hope to become market leaders in the premium car segment. Collectively, we expect to sell around 20,000 units (inclusive of the City, Accord and CR-V) this year." Honda Siel sold around 13,300 cars last fiscal.

Yamada says Honda Siel is also looking at bringing in a compact car from its portfolio of small cars available globally. At present the company is in the process of researching the market to gauge the kind of small car that would click in the Indian market. Honda Siel plans to invest Rs 160 crore this year in tooling, which would be met through internal accruals.