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Corporate November
25, 2002 |
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| Honda Receives Government Certification in China for Automobile Plant Exclusively for Exports |
Tokyo, November 25, 2002 ---
Honda Motor Co., Ltd. has announced that it has received
government certification for a passenger car plant project exclusively for exports, which
it is planning for Guangzhou, China. Following the signing of a memorandum of
understanding between three companies, Guangzhou Auto Group Corp., Dongfeng
Motor Corp. and Honda Motor Co., Ltd. in July of this year, an application for the
project was submitted to the Chinese government for certification. Having gained
approval, Honda will now consider concrete details of the business plan between the
three companies.
An outline of the approved project is shown below:
| Production model |
: |
1-1.5L passenger vehicle |
| Production volume |
: |
50,000 units/year |
| Sales territory |
: |
Europe/Asian region (total production volume for export) |
| Capital investment |
: |
U.S.$193 million |
| Investment percentage |
: |
Honda Motor Co., Ltd. 65%
Guangzhou Auto Group Corp. 25%
Dongfeng Motor Corp. 10% |
| Location |
: |
Guangzhou Export Development District |
| Start of production |
: |
Latter half of 2004 |
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