Honda Siel Cars Enters Haryana with the Opening of Its First Dealership in Karnal

March 21, 2003 Karnal

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Honda Siel Cars India Ltd. (HSCI), one of the leading premium and luxury car manufacturers in the country, today opened its first dealership in Haryana, in the district of Karnal. The new dealership, Prestige Honda, was inaugurated today by Mr. H. Yamada, President and CEO of the company, in the presence of other senior officials of Honda Siel Cars and esteemed guests. Prestige Honda, Karnal, would be managed by Mr. Lally, who owns a chain of four other dealerships of Honda cars in the state of Punjab. Karnal, a significant contributor to Haryana's economic growth, fits perfect in the company's marketing strategy of increasing presence in small towns and cities. The consumers of Karnal and the neighbouring districts, who till now had to depend on other states for buying the Honda brands-City and Accord, will now be able to buy one of the country's most premium cars in their own state. Being a 3S dealership (Sales, Service, Spares), the customers will also have access to Honda's world-class service and quality spares through this outlet. Enthused on the opening of the first dealership in Haryana, Mr. H. Yamada, President and CEO, Honda Siel Cars India Ltd., said, "Haryana, as a market, has immense potential for premium cars. The opening of our first dealership in the state is an acknowledgement of the same. Karnal, perhaps, is economically one of the most important cities in the state and hence we decided to start from here. Our effort will be to constantly provide Honda's world-class products and services to our current and potential customers in Karnal as well as the neighbouring districts." "We believe that the premium cars market in the city would grow by ___ per cent over the next couple of years, of which we plan to have a commanding leadership," he added. Honda Siel Cars has been performing extremely well over the last one year. The new City, with improved interiors and new colours, launched mid of last year, has received tremendous response from the consumers. The company's expansion strategy to penetrate the smaller towns and cities has started positively effecting the increase in sales, vindicating the company's expansion strategy. The company's cumulative sales for the period April '02-February'03 has increased by a significant 21 per cent, as compared with the corresponding period last year (April '02-Feb '03). The company sold 11,334 units during the period, up from 9,339 units sold during the corresponding period last year. About Honda Siel Cars India Ltd. (HSCI): HSCI was established in December 1995, with Honda Motor Co., (Japan) and Siel Ltd. (India) being the key promoters. The company figures among the top players in the Indian premium and luxury car market. HSCI started commercial production in December 1997 with an indigenisation level of over 50%, which has been raised progressively and is currently over 72%. Honda Siel introduced the Honda City car, an extremely successful engineering marvel, in India in December 1997 and the New Honda City in November 1999. In August 2000, Honda Siel added to the line-up by introducing the Honda City VTEC. The internationally successful Honda Accord, the latest offering by the company, was launched in July 2001