New Delhi: Honda Motor Co. Tuesday introduced its 2nd hatchback and cheapest car yet in India, as the auto maker seeks to challenge the dominance of Maruti Suzuki India Ltd. and Hyundai Motor Co. in the country’s most popular vehicle segment.
Priced between 395,000 rupees ($8000) and 510,000 rupees at showrooms in New Delhi, the Brio powered by a 1.2-liter gasoline engine, would compete with Maruti’s Swift and Ritz, Hyundai’s i10 as well as Toyota Motor Corp.’s Etios Liva and Ford Motor Co.’s Figo.
The company, which is present in India through a joint venture with the Siel group, Honda Siel Cars India, said that it is also targeting revenues of Rs 112 crore this fiscal from the export of auto components from India.
HSCI President and CEO Takashi Nagai told reporters that “With Brio, we will be entering a new segment for the first time in India. It has been designed and developed specially to meet the needs of customers here.”
The Brio will be available in 4 variants. Nagai said that the company expect a large hunk of the customers for the Brio to come from smaller cities, while demand in bigger cities is likely to be for existing models such as the City, Civic and Accord.