HONDA Siel CARS’ Records Stupendous Sales Growth
February 4, 2003 New Delhi
Honda Siel Cars India Ltd. (HSCI), one of the leading manufacturers of premium and luxury cars in the country, today announced an outstanding increase of 49.89 per cent in January 2003 sales. The company sold 1460 units of its City and Accord models during the month, which is significantly up from 974 units sold during the corresponding period last year i-e January 2002. With January 2003 ending, the company's cumulative sales for the period April 2002-January 2003 increased to 11,018 units, up from 8,433 units sold during the corresponding period last year (April 2001-January 2002), registering a remarkable increase of 30.65 per cent. Also, the company recorded a sales jump of 55.81 per cent, as compared with sales during the previous month, December 2002 (937 units). 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. Accord is currently available in two variants VTi and VTi-L, each offering a manual and an automatic transmission.