Honda Siel Cars records a stupendous growth of 63 % in FY 2003-04

April 2, 2004 New Delhi

On the back of the superb response generated by the new launches especially the highly successful new Honda City, Honda Siel Cars India Ltd., ended the FY 2003-04 with a phenomenal sales growth of 63%. The company sold a total of 21,703 units as against 13,300 units sold last FY 2002-03. In March, the company sold 3,218 units, recording an excellent jump of 64 % over corresponding month last year. Establishes New Leaderships All the three models launched by the company in the year generated successful response with the company establishing its leadership in the luxury segment and increasing its market share in the premium segment. The company sold 2,111 units of the Honda Accord and 1,200 units of CR-V during the year. The company sold a total of 18,392 units of its City model, recording a growth of 53 % over last year, while the Honda Accord achieved a stunning growth of 76 % over last year. The company’s most aggressive launch for the year, the new City also attracted a national success, with the company selling 12107units in 5 months. Commenting on the company’s successful performance, Mr. Neeraj Garg, Head-Marketing, Honda Siel Cars India Ltd., said, “All the three models launched in the year have exhibited brilliant performance in their respective segments. The launch of the new City has helped us in expanding our reach in smaller towns after consolidating our leadership in metros. This reflects the company’s growth strategy and going forward we hope to strengthen the company’s commitment towards the customers.” Other Records and Achievements The year 2003-04 saw company’s new launches being applauded by the most prestigious automobile awards in the country – BS Motoring awards, AutoCar India-CNBC awards and ICICI-Overdrive awards. While the new Honda City was honoured with the prestigious ‘Car of the Year’ award for 2004 by the juries of all the awards, the Honda CR-V was adjudged as the ‘SUV of the year’ by ICICI-Overdrive awards. In addition, Honda City and Honda Accord were ranked the highest in their respective segments, according to the Total Customer Satisfaction Study (TCS) conducted by NFO Automotive recently.