Honda Siel Cars India Limited reported that its car sales rose by 15 percent in the month of November 2008 to 5090 units as compared to a year ago. HSCI is a joint venture between Japan’s Honda Motors and India’s Siel Motors Co. The company marks its presence in India with its popular models like Honda Accord, Honda City, Honda Civic, Honda Civic Hybrid, etc.
Honda is also planning to hike the prices of its popular models in January 2009. The company is already struggling with higher input costs and may not be able to offer its models at its existing prices. Company President and CEO Masahiro said in a statement: “We will not be able to manage the pressure after December."
Honda City could avoid this upcoming price hike but their Honda CRV model might see a price hike of around six to seven per cent. “The price of the newly-launched Honda New City will remain unchanged while for other models we need to increase prices by about 6 per cent to 7 per cent,” said Masahiro Takadegawa, President and CEO, Honda Siel Cars India Ltd., in a press meet after inaugurating the Honda 3-S facility at T.V. Sundram Iyengar and Sons Ltd.