Honda Cars India (HCIL) net profit dropped by 52.8 per cent year-on-year (Y-o-Y) to Rs 661.4 crore in 2023-24 (FY24), primarily due to deferred tax of Rs 359.8 crore, according to the annual results submitted to the Registrar of Companies (RoC) and reviewed by Business Standard. In FY24, the company's production increased by 16 per cent Y-o-Y to 134,807 units.
The latest recall will impact models which were manufactured in 2013.
Passenger vehicle market leaders Maruti Suzuki and Hyundai on Saturday reported a decline in wholesales in December 2021, although homegrown majors Tata Motors and Mahindra & Mahindra reported growth, amid semiconductor shortage continuing to impact production. Other manufacturers Nissan and Skoda also reported an increase in December 2021 sales although Honda Cars India witnessed a decline last month. The country's largest carmaker Maruti Suzuki India (MSI) reported a 4 per cent fall in wholesales to 153,149 units in December 2021 as against 160,226 units a year ago.
Leading automakers Maruti Suzuki, Hyundai and Tata Motors on Thursday reported robust sales in March as a shift towards personal mobility and pent up demand continued to help companies push dispatches to their respective retail partners. Toyota Kirloskar Motor, Honda Cars and Mahindra and Mahindra (M&M) also reported strong sales last month as compared to the year-ago period, when dispatches were adversely impacted due to the impending transition to BSVI from April 2020 and the nationwide lockdown to contain the coronavirus pandemic. The country's largest carmaker Maruti Suzuki India said its domestic sales stood at 1,49,518 units last month. The auto major had reported sales of 76,976 units in March 2020.
Passenger vehicle majors like Hyundai, Tata Motors, M&M, Toyota Kirloskar and Honda on Wednesday reported growth in domestic sales in August riding on festive sentiments, although market leader Maruti Suzuki posted a decline amid a semiconductor shortage affecting the industry. The country's largest carmaker Maruti Suzuki India Ltd (MSIL) reported domestic sales at 110,080 units, as compared to 116,704 units in the same month last year, down 6 per cent. "Sales volume of the company in August 2021 was affected due to electronic components shortage.
Millions of vehicles have been recalled across the globe due to defective safety airbag manufactured by Japan's Takata Corp.
HCIL will voluntarily replace airbag inflators of 2,23,578 vehicles of previous generations of CR-V, Civic, City and Jazz.
Honda entered the diesel car segment with the Amaze and it became fastest in HCIL history since its inception in the Indian market to cross the milestone
Major automobile manufacturers like Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors and Toyota Kirloskar on Tuesday reported decline in domestic passenger vehicle sales in May compared to the previous month as a spike in COVID-19 cases and lockdowns across various states hit production and dispatches. The country's largest carmaker Maruti Suzuki India (MSI), which shut production from May 1 to May 16 so as to divert oxygen from industrial use for medical purposes, reported domestic dispatches to dealers at 35,293 units last month, down 75 per cent from 142,454 units in April. The company said sales of its mini cars, comprising Alto and S-Presso, declined by 81 per cent to 4,760 units in May as against 25,041 units in April this year.
Major automakers, including Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Kia, Toyota and Honda, on Thursday reported healthy growth in passenger vehicles sales in June, recovering from the disruptions induced by the second wave of COVID-19. The country's largest carmaker Maruti Suzuki India (MSI) posted total sales of 1,47,368 units in June, up from 46,555 units in May. Its domestic dispatches to dealers last month stood at 130,348 units, up from 35,293 units in May, as easing of COVID-related restrictions helped the auto major to dispatch more units to dealerships.
The recall will affect only the diesel variants of the two models.
The vehicles affected by the recall are manufactured between September 2011 and July 2014.
Auto majors, including Maruti Suzuki India, Hyundai and Tata Motors, on Sunday reported high double-digit growth in their domestic passenger vehicle sales in July riding on stabilisation of macro-economic factors and better consumer sentiments. Similarly, Honda, Nissan, MG Motor and Skoda also reported healthy growth in their sales last month leveraging on improved market mood amid prevailing lower coronavirus infection rate, despite supply constraints of semi-conductors. The country's largest carmaker Maruti Suzuki India's (MSI) domestic sales increased by 39 per cent to 1,41,238 units last month as against 1,01,307 units in July 2020, the company said in a statement.
The new Amaze would have a base variant that would come with dual airbags.
It sold 1,218 units of its flagship City and 2,199 units of its small car Brio.
The company had sold 4,758 units in the same month last year.
The model, which will compete with the likes of Hyundai Verna, Maruti Suzuki Ciaz and Skoda Rapid, now features smart devices ecosystem including Alexa remote capability and 32 connected features as standard feature across all variants with a five-year free subscription.
The company aims to follow the government's push for environment-friendly vehicles by driving in models with green technologies.
Honda BR-V will be launched in India this year.
Honda has also introduced new gear for child seats.
While Hyundai Motor India reported a marginal growth, Toyota Kirloskar Motor witnessed a dip in sales last month.
The ongoing elections and overall subdued market sentiment continue to affect the sales momentum
Maruti Suzuki, Hyundai, Honda Cars and Tata Motors posted single digit growth during the period under review while M&M reported decline in sales.
Honda Cars India Ltd is looking to hike prices of its entire product range in the country from the first week of January as it aims to partially offset the effects of adverse exchange rate and inflation.
The industry needs stimuli to help revive consumer demand and conversions.
It has lined up formidable product line.
Maruti Suzuki India (MSI) on Monday reported a 29.1 per cent rise in total sales in October.
Riding on new launches, Japanese auto major Honda is set for over 62 per cent growth in its sales in India this year at around 1.8 lakh units.
Japanese auto major Honda has changed the name of its Indian operations to Honda Cars India Ltd following the break up of its joint venture with Usha International of the Shriram Group.
While petrol starts at Rs 499,000 and goes up to Rs 760,000, the diesel variant is priced between Rs 599,000 and Rs 760,000.
There was no sale of premium sedan Kizashi during the month.
The company said it will resume production of the car that is being rolled out from its Greater Noida plant in the first week of next month.
The vehicle was launched in India in 2009 with a hefty price tag of over Rs 700,000 which was slashed by Rs 160,000 later.
Honda also unveiled the all-new CR-V and Civic sedan as part of its plan to launch six new products in the Indian market over the next three years.
Companies also said confidence was yet to return among buyers, with many holding back their decision to buy cars.
XLRI Jamshedpur invites applications for admission to its Post-graduate Certificate in Human Resource Management programme for working executives.
XLRI Jamshedpur invites applications for admission to its Post-graduate Certificate in Human Resource Management programme for working executives.
Maruti, Hyundai, Tata Motors, Mahindra & Mahindra and Honda saw their passenger vehicle sales improve in August compared to the same month last year, although Ford and Toyota witnessed a decline.
The Accord hybrid has a 2-litre petrol engine combined with two electric motors
German luxury car maker Mercedes Benz on Friday said it will hike prices of its products across models by up to 10 per cent in India from next month.
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