Mumbai: The second largest bike brand of the country, Honda Motorcycle & Scooter India, has set itself a 20 percent growth target at six million units for the fiscal 2018.
Minoru Kato, the head of HMSI, on Thursday told reporters here that it had set a new record last fiscal with sale of five million units, growing at 12 percent against industry rate of 5 percent.
"This stupendous growth came despite two big shocks by way of note ban in November and December and the March 29 Supreme Court ban on selling BS III models. I hope no more such shocks will be coming in this year. We expect to sell 20 percent more or additional 1 million units at over 6 million units this year," Kato said.
To achieve the target HMSI will launch two brand new scooters and two new bikes and commission the fourth assembly line at the Karnataka plant, adding 0.6 million capacity by July this year. It will take its overall capacity to 6.4 million.
Honda will also ramp up its premium segment presence by bringing in Africa Twin, a 1000 cc sports bike, soon.
Kato said India is the largest market for Honda globally, contributing 30 percent of the total volume.