Japanese auto major Honda plans to launch three models, including multi-purpose vehicle (MPV) Mobilio, by the end of the next fiscal in India to strengthen its position.
The company is also considering full-scale development of a small car, possibly the next generation of its hatchback Brio or Jazz in India, as it looks to cater to the specific needs of the customers in the country.
"By the end of next fiscal, we will be expanding the range of vehicles...We'll also launch three new models, which will include Mobilio. With this we hope to expand our share," Honda Motor India President and CEO Yoshiyuki Matsumoto told reporters here at the Tokyo Motor Show.
Commenting on the company's market share, he said: "We believe, India is globally one of fastest growing market. In April, we launched Amaze and it resulted in major change of our market share. Last year, our market share was 2-3 per cent, this year it is getting close to 4-5 per cent range."
In the coming three years through the models that the company will launch, it is aiming to sell 3,00,000 units in India, he added.
When asked if Honda planned to develop cars in India, Matsumoto said: "...developing small car fully in India, let's say may be next Brio series or next Jazz, that is something that is being considered.
"We want to identify needs that will be specific to India, find out what kind of product and services will delight and satisfy our customers. We need to do researches on how to keep retail prices down."
Elaborating on the need to meet demands of the Indian customers, he said: "In India, cars which have three row and SUV types of cars are growing. At the same time the price has to be kept in the affordable range. That is the understanding."