The Honda Elevate has had the weight of expectation. Has it lived up to them?
Yes, I think so. I believe that our car is well accepted by customers, so it’s more than met our expectation. I’m a little sorry to say that the customer has to wait a while for delivery at present, but for us it’s a very good start.
What do you think it is about the Elevate that has clicked with the Indian customer – what are the characteristics that have made it so popular?
Firstly, we really did a lot of research to identify the preferences of the Indian customer. For instance, the design or how customers use their vehicles. So, the masculine and bold style has been well accepted. Also, from a driveability point of view, it’s got the Honda DNA. It’s all these elements that meet with the customer’s expectations.
You have an electric version of this car, which is due in the next few years. What can we expect from that?
Yes, there will be an Elevate-based BEV, but actually the car is completely different – other than the size. We are currently in the development stage, but we will show you a fantastic car within three years from now.
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You have a hybrid on sale, in the City. What is the popularity of the hybrid model versus the more traditional non-hybrid variant?
Still, the traditional ICE sales exceed the hybrid. But people who experience the hybrid, really like the technology. As a result, slowly, the demand is increasing. Now, in fact, other manufacturers have also started launching these models. So the market is starting to understand this technology, which is a good thing for us.
Do you think there should be some incentives from the government for hybrids as well, in addition to just pure electric?
BEVs are taxed at 5%, while hybrids are at 43%. This gap is somehow unfair I feel. But, of course, we understand the government direction and will align with that. But the honest feeling is that hybrids should be taxed somewhere in between ICE and BEV.
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The City has been such a strong pillar for Honda in India. Obviously, SUVs have become much more popular. But what can you do to keep that interest in the Sedan segment?
We started production of the Honda City in India 26 years ago, and since then we have a loyal following of customers who still love the City. Some customers have actually experienced five generations of the City, and they continue to love this model. But, of course, there’s are customers who prefer SUVs over sedans. However, sedans sales are stable now – at 10-11% of the total market. Perhaps this is the bottom level. We do expect that this level will be maintained, so the business case for a model such as this still exists.
This is a crucial time for you in the market right now with the Elevate being new and going into 2024. There’s some uncertainty about the geopolitical situation, what the economy will look like next year. How do you see it playing out?
That’s a very difficult question. But the positive side is that the semiconductor issue is now resolved. The situation is becoming better day-by-day. That’s the good part. But, as you mentioned, we don’t know about inflation or the price of oil, not to mention other potential issues. But we have to be flexible to meet whatever challenges emerge. That’s all we can do, but it’s very hard to estimate what happens in future.
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What can we expect from Honda in 2024?
Of course, we are planning for additional growth. We already announced that the second half of this fiscal year, that means the October to March period, we are aiming 35% growth over last year. First, we need to achieve that level of the growth – and then we want to continue next year as well.
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