Honda Cars Philippines Inc. on Tuesday disclosed its plan to recoup lost market share in the subcompact crossover sport vehicle segment as it launched the all-new Honda HR-V.
HCPI president Masahiko Nakamura said he is confident the new Honda HR-V would aggressively take on the challenge of Chinese automotive brands with similar models.
“The Chinese models are really a challenge for us, but we are confident with the Honda brand. That’s why our objective is to capture some of the market that we have before,” he said during the launch.
He said Honda enjoys an advantage over Chinese vehicles given its track record on innovation and research.
HCPI vice president Louie Soriano said the brand aimed to increase its market share to 10 percent from 3 percent. The car firm aims to sell 1,400 units annually or 120 units a month from 30 units.