Manesar, Apr 21 (PTI) Honda Motorcycle & Scooter India (HMSI) on Thursday said it plans to launch multiple electric models as it targets to sell around 10 lakh units annually, accounting for 30 per cent of its total sales by 2030.
The company will also foray into the entry level 100 cc bike segment as it looks to tap the rural market in India. It also plans to develop its Manesar-based manufacturing plant as a global hub for overseas shipments.
Besides, the two-wheeler manufacturer is also aggressively pursuing the development of fuel-efficient products and plans a phase-wise implementation and integration of flex fuel technology in its model range.
“We are thinking that in another ten years till 2030, maybe 30 per cent of the total two-wheeler sales will come through EVs. So our target should also be to have over 30 per cent market share in the segment,” HMSI Managing Director, President and CEO Atsushi Ogata told PTI here.
The market share in the EVs will then represent a similar kind of market share that the company currently has in the internal combustion engine segment, he added.
“So by 2030, one million EV (sales) from HMSI. It is our estimation,” Ogata noted.
He added that currently, the company is in the process of finalising its overall EV strategy for the country, and should be able to complete it in the current financial year.
“Bringing the synergies of Honda’s global expertise with strong indigenous support, HMSI will further expand its horizons in India,” Ogata said.
A staggered implementation of flex fuel technology and multiple EV model introduction in the future will lead to an exciting journey ahead, he added.
The EV introductions will happen while leveraging support from Honda’s other subsidiaries in the country.
“The company also plans to enter the low-end motorcycle segment while boosting its new fun models’ business in the domestic market,” he added.
Parallelly, the company aims to serve more developed countries from India, he added.
HMSI currently exports two-wheelers to around 40 countries.
When asked about business outlook for the current financial year, Ogata said the company expects to post a double digit growth over a low base of last fiscal, entailing sales of over 40 lakh units in the domestic market.
The company also aims to dispatch over 5 lakh units to overseas markets this fiscal, he noted.
“If there is no fourth COVID wave this financial year, we expect a positive sales result, maybe double digit growth compared to the last year. So around 4 million units this fiscal,” Ogata said.
The company sold around 35 lakh units last fiscal (2021-22), down from 38 lakh units in 2020-21 fiscal.
“Though supply chain issues still persist and the industry continues to face head winds of increasing commodity and fuel prices, we anticipate a sustained market recovery on a lower base of the last fiscal,” HMSI Director (Sales and Marketing) Yadvinder Singh Guleria noted.
A leader in the scooter segment, HMSI currently rolls out its model range from four manufacturing plants — Manesar (Haryana), Tapukara (Rajasthan), Narsapura (Karnataka) and Vithalapur (Gujarat). PTI MSS SHW SHW
