Honda releases medium-term strategy (2)

North American exports to top 200,000 units after 2014

2013/01/08

Summary

The Honda Civic
The Honda Civic after major freshening and released
for sale in North America in November 2012

 Honda published its medium-term strategy in September 2012 announcing plans to sell more than three million vehicles in mature markets, another three million vehicles in emerging markets, six million vehicles in total, in FY2016 (sales in FY2012 are expected to be 4.12 million units).

 This report, "Honda releases medium-term strategy (2)," contains Honda's plans to increase its development and production capabilities outside of Japan, namely North America, Europe, Asia (other than China) and Brazil.

 North America will remain Honda's largest market through FY2016 as the company plans to increase its sales from 1.74 million units (forecast for FY2012) to 2 million units in FY2016. To avoid the influence of the yen's appreciation, Honda plans to decrease export from Japan and strengthen North America as its new export base. Export from North America will exceed import from Japan (into North America) in 2014. Honda also plans to export its vehicles in the order of 200,000 units in the near future. To achieve these goals, Honda has plans for substantial increase of its production capacity. When its second plant in Mexico starts operation in 2014, Honda's capacity in North America will increase to 1.92 million units and maybe more.

 As for Europe, Honda has been operating in deficits since FY2009. Honda is introducing newly-developed diesel engines and other products to strengthen its product appeal in Europe. The next Fit (Jazz) will not be produced in the U.K. plant and Honda will concentrate on producing the Civic and CR-V to recover profitability.

 In Asian countries other than China, Honda plans to increase its unit sales substantially from approximately 200,000 units in FY2011 to 1.2 million units in FY2016.

 In South East Asia, Honda will increase production capacities in Thailand, Indonesia and Malaysia, and establish a complementary supply structure in the ASEAN region to improve efficiency of production at all locations. Starting in 2013, Honda will produce diesel engines in India that will be used in small-sized vehicles.

 In Brazil, Honda will strengthen the development capabilities as part of the company's concurrent development plan by all six regions. The small-sized vehicles for Brazilian market will be developed locally in Brazil.


Related report:
Honda releases medium-term strategy (1) The all-new Fit to be developed in six regions (posted in December 2012)



Aspiring to sell 2 million units in North America in FY2016

 North America is Honda's largest market accounting for over 40% of global unit sales, nearly 50% of net sales, and approximately 40% of operating income (over 50% in FY2009-2011). Honda's sales forecast is set at 1.74 million units in FY2012.

 In 2009, Honda had 11.0% share in the light vehicle market in the United States. The share fell to 9.0% in 2011 due to the Great East Japan Earthquake and floods in Thailand, and rose again to 9.8% in the period from January to November 2012 after the company's production was recovered.

 As for the Honda brand vehicles, the all-new model of its largest volume-selling car, the Accord, was launched in September 2012. Its sales fell below the 300,000 units mark from 2009 to 2011 but the company intends to sell 350,000 units a year. The Civic, another volume-selling car next to the Accord, was fully remodeled but its interior was less appealing than expected. Only 18 months after the redesign, the Civic was released after major freshening of the interior and other parts in November 2012. All models under the Acura brand will be fully redesigned in the next three years.

 Honda intends to sell 2 million units in North America among the global sales target of 6 million units in FY2016. Honda will increase sales in all relevant segments. In particular, Honda intends to increase annual sales of the next Fit series to be produced in Mexico starting in 2014 from several tens of thousands units to over 200,000 units and make it a new volume-selling model after the Accord, Civic and CR-V.

Honda's sales in the US by model

2007 2008 2009 2010 2011 Jan.-Nov.
2011
Jan.-Nov.
2012
RL
ILX(RSX)
NSX
TL
TSX
ZDX
6,262
296
2
58,545
33,037
 
4,517
1

46,766
31,998
0
2,043
0

33,620
28,650
79
2,037


34,049
32,076
3,259
1,096


31,237
30,935
1,564
1,046


27,954
27,389
1,478
361
9,766

31,326
26,723
725
Acura Car 98,142 83,282 64,392 71,421 64,832 57,867 68,901
MDX
RDX
58,606
23,356
45,377
15,845
31,178
10,153
47,210
14,975
43,271
15,196
38,683
13,620
45,785
25,496
Acura Truck 81,962 61,222 41,331 62,185 58,467 52,303 71,281
Total Acura 180,104 144,504 105,723 133,606 123,299 110,170 140,182
Accord
Civic
Crosstour
CR-Z
FCX
Fit
Insight
S2000
392,231
331,095


10
56,432
3
4,302
372,789
339,289


11
79,794
0
2,538
290,056
259,722
0
0
5
67,315
20,572
795
282,530
260,218
28,851
5,249
17
54,354
20,962
85
235,625
221,235
17,974
11,330
2
59,235
15,549
5
217,958
200,690
16,679
10,766
2
54,097
14,859
3
302,444
284,791
18,665
3,949
5
45,666
5,536
 
Honda Div. Car 784,073 794,421 638,465 652,266 560,955 515,054 661,056
CR-V
Element
Odyssey
Pilot
Ridgeline
219,160
35,218
173,046
117,146
42,795
197,279
26,447
135,493
96,746
33,875
191,214
14,884
100,133
83,901
16,464
203,714
14,247
108,182
102,323
16,142
218,373
11,534
107,068
116,297
9,759
196,787
11,518
95,579
104,656
8,291
255,919
3
116,854
103,482
12,515
Honda Div. Truck 587,365 489,840 406,596 444,608 463,031 416,831 488,773
Total Honda Div. 1,371,438 1,284,261 1,045,061 1,096,874 1,023,986 931,885 1,149,829
American Honda Motor 1,551,542 1,428,765 1,150,784 1,230,480 1,147,285 1,042,055 1,290,011
Market Share 9.6% 10.8% 11.0% 10.6% 9.0% 9.0% 9.8%
Total demand in the U.S. 16,154,064 13,245,718 10,431,509 11,589,844 12,778,885 11,535,196 13,136,306

Source: Automotive News. The total demand in the U.S. represents unit sales of light vehicles.

 



Exporting 200,000 units from North America after 2014, more vehicles than those imported to North American from Japan

 In December 2012, Honda celebrated the millionth automobile embarking for export from the U.S. Honda currently exports eleven models including the Accord, Civic and Pilot built at four U.S. locations, to more than forty countries (quantities exported from North America to areas other than Canada and Mexico that are member countries to NAFTA). Honda intends to increase export of the models after 2013 that are currently built only in the U.S., and the Acura brand cars.

 Honda exported 53,000 units from North American plants in 2011 and approximately 100,000 units in 2012. The company will export more vehicles from North America than it imports from Japan after the Mexican plant starts production in 2014. The annual export is expected to reach approximately 200,000 units in the near future.

 Those automobiles produced in North America accounted for 90% of those sold in the U.S. from January to November 2012. The company is said to raise the ratio to 95% in its medium-term plan along with a substantial decrease in export from Japan to North America.

Increasing export from North America, likely to outnumber import from Japan in 2014

2007 2008 2009 2010 2011 2012 after 2014
Total export from Japan 707,049 650,308 250,268 305,412 235,087
(Those exported to North America) 414,227 346,975 144,696 199,445 161,553
Ratio of NA-made cars to U.S. vehicle sales volume (Note 1) 76.2% 77.0% 84.3% 87.0% 85.1% 90.0%
Quantities produced in and exported from North America
Production in North America 1,432,731 1,421,427 1,030,958 1,287,775 1,103,127
Production capacity in North America 1,630,000 1,920,000
Exported from North America 53,000 100,000 200,000
Source: Honda's monthly report on automobile production, sales and export
(Notes) 1. The ratio of NA-made cars to U.S. vehicle sales volume represents "the U.S. unit sales produced in North America/the total unit sales including those imported into the U.S.". North America includes Mexico. The ratio for 2012 covers the period from January to November.
2. Honda plans to strengthen its markets in North America and China where the Acura brand cars are sold. Honda will extend the efforts to other markets as well including Russia, Ukraine, United Arab Emirates, Saudi Arabia and Brazil. Most of the applicable vehicles will be exported from North America.

 

 



Increasing production capacities in North America

 Honda will increase production capacities in North America substantially to increase sales while sparing enough vehicles for export.

 Honda's production capacity in North America is 1.63 million units as of 2012. Honda intends to increase capacity by 40,000 units at the Alabama plant and 50,000 units at the Indiana plant. When the second plant in Mexico starts operation in 2014 with an annual capacity of 200,000 units, Honda's total capacity will reach 1.92 million units.

 All those plans, however, will still fall short of a necessary quantity if sales of the Civic and Accord grow further. Accordingly, Honda has noted that there may be further increase in capacity at its plants in the U.S. and Canada.

 It has been reported that Honda plans to build a third plant in Mexico with an annual capacity of 200,000 units after the second plant gets on track.

Honda's capacity increasing plan in North America

Second Plant
in Mexico
 An assembly plant is being constructed in Mexico with annual capacity of 200,000 units at the cost of 800 million dollars. The new plant will produce the Fit and derivative models starting in 2014 that will be supplied mainly to the U.S. market.
Alabama Plant  In early 2013, Honda will invest 400 million dollars to increase annual capacity at the Lincoln plant in Alabama, U.S., where the Odyssey, Pilot and Ridgeline are being produced, by 40,000 units to 340,000 units. When this plan is realized, Honda will transfer production of the Acura MDX from the plant in Ontario, Canada. The company intends to centralize production of the V6 engine powered vehicles to the Alabama plant to increase efficiency (see Note 3).
Indiana Plant  In early 2013, Honda will invest 40 million dollars to increase annual capacity from 200,000 to 250,000 units to build more Civic cars. Production of the Civic Hybrid will also be transferred from Japan.
Third Plant
in Mexico
 When the second plant in Mexico gets on track, Honda reportedly plans to build a third plant with annual capacity of 200,000 units as at the second plant, and start production in 2016 at the earliest. If this plan is realized, Honda's production capacity in North America will increase to 2.12 million units.
(Notes) 1. The above plans are for increasing production capacities at assembly plants. Honda is also increasing capacities to manufacture powertrains and associated components at such plants as the engine plant in Anna and the transmission plant in Russells Point, both located in Ohio, U.S.
2. The Marysville plant in Ohio produces the Honda Accord and the Acura TL, a sister model to the Accord. The plant produced 336,000 units of the Accord from January to October 2012 (compared to 195,000 units in the same period a year earlier). Since production of the Accord for export at the Sayama plant in Japan ended in mid-2012, the Marysville plant became fully responsible for producing the new Accord for export and is now producing more vehicles than ever. The plant has annual capacity of 440,000 units.
3. Production of the CR-V currently being exported from the Sayama Factory in Japan will be transferred partially to Canada (the CR-V sold 256,000 units in the U.S. from January to November 2012, including 39,000 units imported from Japan). The Canadian plant will specialize in the Civic and the CR-V powered by four-cylinder engines.

 

 



Developing the next Civic and Accord in North America

 Honda is pursuing a localized development in a global scale including concurrent development in all six regions of global models such as the Fit.

 Honda has announced plans to make North America its base for developing and producing the Acura brand models and refresh all applicable models within three years (announced in January 2012).

 Honda also plans to develop the next Civic and Accord in North America where more than half of the global sales quantities are sold.

Developing the next Civic and Accord in North America

 Honda intends to transfer its development to the United States from Japan starting with the next Civic and Accord slated for launch in around 2016 to strengthen its operation in North America. More than half of their global sales are taking place in North America and, according to Honda, developing these models in Japan has less merit today.
 Honda has started development of the next Civic at its U.S. subsidiary, Honda R&D Americas, Inc. All stages from designing the body and interior to the selection of procurement parts will be done mainly by American engineers. The same steps will be taken shortly with the next Accord.
 Traditionally, Honda had approximately 9,000 engineers at one of its subsidiaries, Honda R&D Co., Ltd., with the mission to develop new vehicles for all markets. Now, Honda will gradually separate development activities for overseas markets from the subsidiary while strengthening its role of providing advanced technologies for other regions.
 According to Honda, its development department in the United States is now staffed with approximately 2,000 engineers, including 200 dispatched from Japan, who are capable of developing gasoline-fueled vehicles including powertrains. As for electrified vehicles that have been developed centrally in Japan, Honda intends to transfer equipment and know-how required for developing electrified vehicles to the United States toward the immediate goal of developing the next Civic and Accord.

(Note) In January 2012, Honda announced plans to develop and produce the next Acura NSX, fitted with the three-motor type hybrid system, in the United States.

 



European operation: Strengthening market appeal and aiming to start full operation at the U.K. plant by 2015

 Honda is operating under deficits in Europe since FY2009 due to the sluggish economy and the weak euro with only 50% capacity use at its U.K. plant.

 The U.K. plant has been operating in a single shift but both of the two lines have resumed two-shift operation at the start of producing the new Civic and the new CR-V. Honda aspires to sell 205,000 units in Europe in FY2012.

 The next Fit (Jazz) will not be produced at the U.K. plant as it will concentrate on producing the Civic and CR-V. Honda will make appealing derivatives available under each make, including diesel-fueled versions and Civic wagon. The company plans to produce them to the plant's full capacity of 250,000 units by 2015.

Honda's European operation

FY2008 FY2009 FY2010 FY2011 Apr.-Sep.
2011
Apr.-Sep.
2012
FY2012
Outlook
Production (units) 174,535 99,346 139,114 104,748 39,153 78,502
Export from Japan (units) 142,008 45,725 40,614 31,996 16,195 9,448
Sales (units) 350,000 249,000 198,000 158,000 75,000 83,000 205,000
Net sales (million yen) 1,278,902 825,472 699,298 580,792 295,470 292,450
Operating income (million yen) 10,201 (10,872) (10,203) (12,109) (10,133) (16,359)
Exchange rate (euro) 142 yen 130 yen 114 yen 108 yen 113 yen 101 yen 103 yen

Sources: Honda's consolidated results and report on automobile production, sales and export

 

Strengthening operational structure in Europe

2 lines in
2-shift operation
at U.K. plant
 The U.K. plant was operating in 1-shift mode at both of the two lines. One of the two lines was set to a 2-shift operation and started producing the new Civic at the end of 2011. The other line was also set to a 2-shift mode in November 2012 and started producing the new CR-V.
Newly-developed
diesel engines
 The newly-developed 1.6-liter diesel engine will be fitted in the Civic in early 2013, and also in the CR-V in the fall of 2013.
Civic Wagon  The Civic Wagon developed exclusively for European markets will be released for sale in 2014 (its sketch drawing was exhibited at the Paris Motor Show held in September 2012).
Civic Type-R  The sports type Civic, Type-R, will be released for sale in 2015 if all goes as planned.
Limiting production
to two models for
higher efficiency
 The U.K. plant is producing three makes including the Civic, CR-V and Fit (Jazz). The next Fit being launched in 2014 will not be produced at the U.K. plant. Honda plans to increase imports from the exporting plant in Guangzhou, China, for sale in the U.K. The production models at the U.K. plant will be limited to two makes and Honda will increase the Civic and CR-V derivatives to improve overall efficiency.
Aiming for
full production
 Honda intends to increase the production efficiency and operate the U.K. plant in its full capacity at 250,000 units.

 

 



Asia: Strengthening production capabilities and increasing complementary supply within the ASEAN region

 Honda's medium-term strategy calls for sales in Asia other than China to increase from approximately 200,000 units in FY2011 to 1.2 million units in FY2016.

 Honda has plans to increase production capacities for assembled cars in Thailand, Malaysia and Indonesia. The company intends to increase operational efficiency by restricting the number of makes in respective regions assuming complementary supply of assembled cars in the ASEAN region such as exporting the Civic, City and Brio from Thailand to Indonesia. Honda is likely to beef up its operation in Thailand as an important export base.

Increasing production capacities in Southeast Asia

Thailand: Increasing production capacity to 290,000 units in 2013, considering addition of a new plant
Resuming production and increasing capacity at the Thai plant  On October 4, 2011, the Thai plant was shut down due to the floods and it resumed operation on March 26, 2012. Honda invested approximately 25 billion yen to renew most of the facilities, removed the production control computers to upper floors and made other changes before the plant was ready for operation. The Thai plant has an annual capacity of 240,000 units.
 Honda plans to increase the annual capacity of the Thai plant to approximately 290,000 units within FY2013. The company will invest 2 to 3 billion yen to reinforce the welding and coating processes. Honda is also considering building a new plant in another area in Thailand while maintaining operation at the existing plant. The new plant's operation is considered to start in 2015.
Producing Fit HV  In July 2012, production of the Fit HV (Jazz HV) started at the Thai plant. Honda plans to sell 10,000 units yearly in Thailand and also export to Australia and New Zealand.
Launching
the Brio Amaze
 In November 2012, Honda launched the new small-sized sedan, Brio Amaze, that shares the platform with the Brio five-door hatchback that was launched in May 2011. Powered by a 1.2-liter engine, the Brio Amaze is a compact car with the overall length of 3990mm. It received an eco-car certification by the Thai government as did the original Brio. The price starts from the equivalent of approximately 1.18 million yen.
Indonesia: Building a new plant to triple annual capacity to 180,000 units
Tripling annual
capacity to
180,000 units
 Honda is investing approximately 27 billion yen to build a new plant with annual capacity of 120,000 units in the premises of the existing plant in Indonesia. Production at the new plant will start in March 2014, raising Honda's capacity in Indonesia from 60,000 to 180,000 units. The Brio that was imported and released for sale starting in August 2012 will be produced at the existing plant starting in 2013, and at the new plant after 2014. Honda plans to develop Indonesian plants as a key operational site next to Thailand.
Raising the local
content ratio to 80%
 Honda intends to improve local development capabilities, build an efficient production structure, and raise the local content ratio from approximately 50% to about 80%. The goal is to offer quality products more speedily and at more affordable prices to the market.
Launching CR-Z  Honda will launch a hybrid vehicle, CR-Z, in early 2013 in the Indonesian market. Indonesia will be the fourth region in Southeast Asia after Thailand, Malaysia and Singapore where the CR-Z is sold. The CR-Z will be of the same model, fitted with a lithium-ion battery, that was released for sale in Japan in September 2012.
Malaysia: Doubling production capacity to 100,000 units
Building
a second line
 In July 2012, construction work started to build a second line in the existing plant in Malacca, Malaysia. The new line, costing approximately 8.7 billion yen, will double annual capacity at the Malaysian plant from 50,000 to 100,000 units in 2013. The second line will be devoted to producing the Fit (Jazz) and other small-sized and hybrid vehicles.
Assembling
hybrid vehicles
 The Fit Hybrid was imported and sold in Malaysia starting in the spring of 2012. Honda expects to sell 10,000 units of HVs in 2012. The Fit HV is to be assembled on the existing line at the end of 2012 and later at the second line in 2013. Malaysia is the largest market in Southeast Asia for hybrid vehicles. Honda sold 4,600 units of Insight in 2011.

 

India: Aiming for selling 300,000 units in FY2016

 Diesel engines to be produced locally in India starting in early 2013 will be fitted in small-sized vehicles. Honda plans to increase sales in India from approximately 50,000 units in FY2011 to 300,000 units in FY2016.

Joint venture company in India becomes a fully-owned subsidiary  Honda has reorganized its automobile business in India. The company purchased 3.16% stake in Honda's local production and sales company in India from Usha International. As a result, the company name was changed from Honda Siel Cars India Ltd. to Honda Cars India Ltd. By converting it into a fully-owned subsidiary, Honda will be able to make decisions more quickly.
Revising sales model lineup  Honda intends to revise its sales model lineup in India. The new Civic that was launched in North America in April 2011 and the new Accord that was launched globally in the fall of 2012 will not be sold in the Indian market. Production of the former versions of these models will continue in India (both models sell about 1,000 units each a year and Honda may end their production altogether). Honda will devote its management resources to small-sized vehicles including the Brio that was launched in September 2011.
Producing diesel engines  Honda is a late starter in India for lack of diesel engines. The company invested 30 billion yen to install necessary production facilities in the premises of the second plant that belongs to Honda's local subsidiary (located in Rajasthan to produce engine and other components but operation of the completed vehicle plant is being postponed). The plant will produce 1500cc diesel engines starting in early 2013 and the engines will be fitted in all small-sized vehicles sold in India.

 

 



Brazil: Strengthening R&D structure, launching Acura brand

 Honda announced plans, at the Sao Paulo International Motor Show held in October 2012, to strengthen its research and development structures in Brazil as part of the "global operation reform" addressing concurrent development by all six regions. Brazil is a large market for low-priced vehicles that rank below the Fit-class cars. Rather than introducing the Brio, an entry car designed for Asian markets, directly into Brazilian market, Honda intends to assign its development division in Brazil to the development of locally preferred vehicles after some drastic reorganization.

Strengthening development structure in Brazil, launching Acura brand

Strengthening research and development capabilities  Honda announced plans to invest approximately 4 billion yen in the next two years to strengthen local development capabilities. The company will complete a new research and development facility within 2013 and increase the number of development staff members from approximately one hundred to several hundreds.
 The strengthening initiative is part of the "global operation reform" addressing concurrent development of new models by all six regions. It will help the local staff design and develop vehicles that reflect local needs, adopt more locally available parts and launch new models that will meet Brazilian customers' needs.
Launching Acura cars in 2015  Honda has announced plans to launch the Acura brand cars in Brazil in 2015. Three Acura models including NSX, RDX and ILX were exhibited (references) at the motor show held in October 2012. Most of the vehicles will be supplied by import from the United States.

Launching models tailored to Brazilian markets

FIT twist  The FIT twist, the first model developed by the development team in Brazil, was exhibited at the Sao Paulo International Motor Show held in October 2012. It was released for sale in November. Based on the Fit, the FIT twist is designed as a Brazil-only model with a sporty image that features all-new front grille and roof railing.
Flex-fuel vehicles  Honda announced its lineup arranged according to the local trend toward flexible-fuel vehicles (FFV) including the CR-V Flex being launched in 2013 and the new Civic fitted with a 2000cc engine.
Exporting the City from Argentina to Brazil
 Export of the City from Honda's Argentina plant to Brazil started in July 2012. Honda plans to ship approximately 6,500 units of the City FFV (worth 150 million dollars) by the end of 2012. This marks Honda's first shipment of vehicles produced in Argentina to other nations.

 

 



Honda's global production, net sales and operating income by the region

Honda's production by the region

(units)
FY2007 FY2008 FY2009 FY2010 FY2011 Apr.-Sep.
FY2011
Apr.-Sep.
FY2012
Japan 1,296,682 1,148,361 901,775 912,307 870,455 294,234 483,184
North America
thereof: the U.S.
1,441,265
1,019,135
1,251,029
857,802
1,152,009
827,946
1,291,556
963,911
1,229,005
905,869
454,438
344,742
814,670
580,642
Europe 247,189 174,535 99,346 139,114 104,748 39,153 78,502
Asia
thereof: China
819,251
492,008
828,851
512,076
991,999
652,596
1,085,457
687,632
834,409
636,054
399,122
270,019
609,896
349,795
Other 151,096 171,521 159,401 147,928 96,007 44,225 89,426
Worldwide 3,955,483 3,574,297 3,304,530 3,576,362 3,134,624 1,231,172 2,075,678

Source: Honda's monthly report on automobile production, sales and export

 

Honda's net sales and operating income by the region

(million yen)
FY2008 FY2009 FY2010 FY2011 Apr.-Sep.
FY2011
Apr.-Sep.
FY2012
Net sales Japan
North America
Europe
4,162,587
4,779,124
1,278,902
3,305,777
3,908,216
825,472
3,611,207
4,147,897
699,298
3,362,952
3,714,756
580,792
1,430,711
1,528,073
295,470
1,931,744
2,269,473
292,450
Asia
Other
1,608,231
1,144,220
1,518,580
896,491
1,841,167
982,083
1,490,478
893,132
781,236
474,310
1,052,271
450,014
Elimination (2,961,823) (1,875,362) (2,344,785) (2,094,015) (909,312) (1,288,757)
Consolidated 10,011,241 8,579,174 8,936,867 7,948,095 3,600,488 4,707,195
Operating
income
Japan
North America
Europe
(161,616)
79,702
10,201
(29,135)
236,379
(10,872)
66,118
300,922
(10,203)
(109,834)
223,293
(12,109)
(81,203)
66,218
(10,133)
91,025
108,966
(16,359)
Asia
Other
103,603
135,062
113,006
45,808
150,637
69,549
76,870
56,956
46,976
38,808
68,154
22,819
Elimination 22,691 8,589 (7,248) (3,812) 14,424 2,275
Consolidated 189,643 363,775 569,775 231,364 75,090 276,880

Source: Honda's consolidated results
(Note) Net sales and operating income from local production by joint venture companies in China are not included in the table above. Honda's equity in income of affiliates in China is reflected in non-operating income in consolidated results.

Equity in income of affiliates 99,000 93,200 139,700 100,400 44,200 48,200
thereof: Asia 97,500 90,800 111,100 87,900 44,200 46,200

Source:Honda financial statements, press releases and media reports

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