The 'CR-V' with manual transmission has been priced at Rs 14.57 lakh (ex-showroom, Delhi) while the automatic version would cost Rs 15.57 lakh, HSCIL president and chief executive officer, H Yamada told a news conference.
HSCIL, which is 99 per cent owned by Japanese automaker Honda and hte rest by the Siel group of India, will bring 'CR-V' as completely built unit from Japan and aims to sell 1,500 units during 2004-05.
Carmakers like HSCIL, Ford Motor, Hyundai Motors and Maruti Udyog are trying to grab a pie of the over 15,000 units a year Indian SUV market. HSCIL launched the SUV in July 2003 and has sold 1,800 units of 'CR-V' till date.
Asked if the company would start manufacturing the vehicle in India, Yamada said "Once we reach a critical mass of say 3,000 units annually, we may think of manufacturing it in India".
On whether the company would introduce the diesel variant of the vehicle, he said though Honda sold diesel 'CR-V' in Europe, it did not have any plan to introduce the diesel model in the country.
Honda Siel Cars India is also investing Rs 150 crore (Rs 1.5 billion) to ramp up capacity to 50,000 units annually and eyeing over 50 per cent growth in turnover at Rs 2,500 crore (Rs 25 billion) this fiscal.
"We are investing Rs 150 crore to increase capacity to 50,000 units a year by the end of calendar 2005 from 30,000 units now," Yamada said.
The company aimed 56.25 per cent rise in topline during 2004-05 over Rs 1,600 crore (Rs 16 billion) last fiscal, HSCIL vice-president N K Goila said.
Having wiped out accumulated loss last year, which peaked at Rs 150 crore, HSCIL also targets Rs 100 crore (Rs 1 billion) in net profit during 2004-05 against Rs 75 crore (Rs 750 million) during 2003-04.
