New Delhi: Honda Cars India is all set to intensify competition in the fast growing SUV segment, which is dominated by the likes of Hyundai and Renault, with the launch of its seven-seater model BR-V next month.
The segment has been growing around 35 per cent for the past two years and ruled by Hyundai Creta, Renault Duster, Mahindra Scorpio and Ford EcoSport.
The latest entrant in the fray -- Maruti's sub-four metre SUV Brezza Vitara has also been received well with over 40,000 bookings so far received by the company.
"This space which we are entering has been growing for last two years. The compact sports utility segment grew by over 40 per cent last year. Customer traits are evolving as aspirations are going up," Honda Cars India Ltd (HCIL) Senior Vice-President (Marketing and Sales) Jnaneswar Sen told PTI.
With BR-V, which is big on versatility, the company has a winner on its hands, he added.
"Success of a product depends on pricing, positioning and network. We will price it competitively, position it well and we have a growing network," Sen said.
As of March 31, the company had a network of 295 outlets across the country.
The vehicle, that will be launched on May 5, will come with premium interiors, high road clearance and powerful engine, Sen said.
"Though the exact pricing would be announced next month, one thing I can say right now is that we would price it very competitively," he added.
The company would manufacture the SUV at its Tapukara plant in Rajasthan. Honda is in the process of expanding the production capacity of this facility from the current 1.2 lakh units per annum to 1.8 lakh units per annum.
When asked about the localisation level achieved on the product by the company, Sen said: "All our current vehicles, barring CR-V, have localisation levels beyond 90 per cent. So it is going to be on similar lines for BR-V too."
BR-V has already been launched in Indonesia and Thailand where it has been received well, he added.
On exports, the company is yet to come out with a concrete plan, Sen said.
Besides, BR-V, the company also plans to introduce Accord Hybrid during the festive season. It has already launched an updated version of its compact sedan Amaze last month.