Japanese automaker Honda Cars India Ltd. (HCIL) on Wednesday confirmed the launch of a 'made in India' compact SUV (sports utility vehicle), specifically developed for Indian customers. The vehicle could also be exported to the neighbouring as well as African countries.
The company has started the development work on the SUV likely to hit the Indian roads in the coming 24-36 months.
Until then, HCIL will bank on its most popular sedans Amaze and City to drive volumes. The automaker on Wednesday launched the facelifted Amaze, priced between Rs 6.32 lakh and Rs 11.15 lakh (ex-showroom, Delhi).
"The segment volume and segment share of SUVs in India is increasing year by year. We recognise the importance of and the consumer preference for SUVs. We are studying the needs of customers and will try to actualize and supply a vehicle as per customer requirements. We are developing a product focusing on the Indian market," Gaku Nakanishi, president and chief executive officer, Honda Cars India told ET.
Declining to share the specifications of the vehicle as well and the timeline for launch, he expressed the probability that the SUV may later be utilised globally.
In order to ensure product excitement, HCIL is planning to introduce the City Hybrid vehicle in 2022.
The carmaker also expects to return to profitability this fiscal year.
"The priority is not to become big, but a solid, firm and flexible company. We were in red last year. But this year, we will be profitable", added Nakanishi.
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