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HTML <html> <head> <title>Honda increases Incentives on its Accord Sedans in China</title> </head> <body> <h1>Honda increases Incentives on its Accord Sedans in China</h1> <div class="info">Author: <a href="author_1_97426.html">Evander</a></div><div class="body"><p align="justify"><br /> Honda Motor, the second largest auto seller in Japan has recently increased its incentives on the Accord sedans which is so far the best-selling model in China. The raise in incentive was about the same as the one offered in United States affecting the profits earned of its partners this year. <br /> <br /> According to the company’s chief financial officer, Fumihiko Ike during an interview at the company’s headquarters in Tokyo last Wednesday, "Competition is getting very severe. We expect lower earnings from affiliates due to falling profit in the Chinese auto market."<br /> <br /> The incentives that Honda offered reach almost 20,000 yuan or equivalent to $2,640 for the Accord in China. This move was due to the increasing competition from Toyota Motor’s Camry model. Honda has also resorted to lowering down its full-year profit forecast for its partners including those in China by around 15 percent last month.<br /> <br /> Xin Tiantshu, the director of Global Technical Research at Global Insight in London, <br /> "China has become a buyers' market from a sellers' market. Honda also needs to put incentives on the Accord because the model is getting old."<br /> <br /> Later this year Honda will introduce in the US - as well as in China and other markets, a redesigned Accord, added Ike. The Guangzhou Automobile Group a partner of Honda in the production of Accord is accounted for almost 38 percent of total Honda’s sold in China.<br /> <br /> Honda, the producer of <a href="http://www.alloemcarparts.com/specials/honda_cold_air_intake.html" title="Honda cold air intakes">Honda cold air intakes</a> is expecting a full-year net income to increase by 5.5 percent reaching a record of ¥625 billion or equivalent to $5.3 billion. The automaker is also looking forward for an increase in sales by 11.4 percent to ¥12.35 trillion.<br /> <br /> For United States, Honda has offered $3,000 incentives on its 4-door Accords with retail price of $18,625. This same Accord is sold for 199,800 yuan in China that is according to www.sina.com.cn.<br /> <br /> Japan’s second largest automaker is also anticipating for its partners to reach a profit of ¥97 billion for the year ending March. It’s lesser as compared to the previous forecast of ¥114 billion by 6.2 percent. <br /> <br /> Anyway, did you know that Honda was the first Japanese automaker that has ventured in China? Unfortunately, with the coming of other automaker especially Toyota its sales has been affected. <br /> <br /> This year Honda is aiming to increase sales in China by more than 20 percent or 400,000 vehicles on the other hand its rival Toyota is looking forward to further boost its sales in the country by almost 50 percent to 450,000 vehicles sold. <br /> <br /> Toyota’s Camry is one of the best-selling cars in China and for the first half of this year it was able to sell 80,664 vehicles meanwhile Honda has sold lesser Accord with figures reaching only 64,443.<br /> </p><br /> </div> <div class="source">Article Source: <a href="http://www.articlealley.com/article_198647_31.html">http://www.articlealley.com/article_198647_31.html</a></div> <div class="author"> <div class="authorBio"></div> </author> </body> </html>
Text Honda increases Incentives on its Accord Sedans in China Author: Evander Honda Motor, the second largest auto seller in Japan has recently increased its incentives on the Accord sedans which is so far the best-selling model in China. The raise in incentive was about the same as the one offered in United States affecting the profits earned of its partners this year. According to the company’s chief financial officer, Fumihiko Ike during an interview at the company’s headquarters in Tokyo last Wednesday, "Competition is getting very severe. We expect lower earnings from affiliates due to falling profit in the Chinese auto market." The incentives that Honda offered reach almost 20,000 yuan or equivalent to $2,640 for the Accord in China. This move was due to the increasing competition from Toyota Motor’s Camry model. Honda has also resorted to lowering down its full-year profit forecast for its partners including those in China by around 15 percent last month. Xin Tiantshu, the director of Global Technical Research at Global Insight in London, "China has become a buyers' market from a sellers' market. Honda also needs to put incentives on the Accord because the model is getting old." Later this year Honda will introduce in the US - as well as in China and other markets, a redesigned Accord, added Ike. The Guangzhou Automobile Group a partner of Honda in the production of Accord is accounted for almost 38 percent of total Honda’s sold in China. Honda, the producer of Honda cold air intakes is expecting a full-year net income to increase by 5.5 percent reaching a record of ¥625 billion or equivalent to $5.3 billion. The automaker is also looking forward for an increase in sales by 11.4 percent to ¥12.35 trillion. For United States, Honda has offered $3,000 incentives on its 4-door Accords with retail price of $18,625. This same Accord is sold for 199,800 yuan in China that is according to www.sina.com.cn. Japan’s second largest automaker is also anticipating for its partners to reach a profit of ¥97 billion for the year ending March. It’s lesser as compared to the previous forecast of ¥114 billion by 6.2 percent. Anyway, did you know that Honda was the first Japanese automaker that has ventured in China? Unfortunately, with the coming of other automaker especially Toyota its sales has been affected. This year Honda is aiming to increase sales in China by more than 20 percent or 400,000 vehicles on the other hand its rival Toyota is looking forward to further boost its sales in the country by almost 50 percent to 450,000 vehicles sold. Toyota’s Camry is one of the best-selling cars in China and for the first half of this year it was able to sell 80,664 vehicles meanwhile Honda has sold lesser Accord with figures reaching only 64,443. Article Source: http://www.articlealley.com/article_198647_31.html About the Author:
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