Honda Motor Co Ltd (ADR) (NYSE:HMC)’s New Civic Sedan To Woo Customers And Boost Sales As Unveiled At The New York Auto Show
Honda Motor Co Ltd (ADR) (NYSE:HMC) is attempting to regaining sales momentum in the compact segment where competition has significantly increased in the recent times as more players enter the market category. The company unveiled a concept Civic sedan expected to reach market this fall. The new Civic features significant design improvements such as sleek and athletic designs.
Honda Motor Co Ltd (ADR) (NYSE:HMC)’s EVP of American division, John Mendel, stated that the company is going back to its roots. According to insiders, it is the first time Civic sedan is born in America. Honda has based the new Civic on a new platform that has been developing over the past three years, giving the compact sedan a distinctively American style.
Engineering of the new Civic was led by Honda Motor Co Ltd (ADR) (NYSE:HMC)’s technical team in Ohio and the company’s California design studio provided the styling input. Honda’s designer known Guy Melville-Brown, participated in the exterior styling of the new Civic.
The launch of a new Civic has been able to stoke excitement among Honda dealers. They are particularly enthusiastic about the fact that they are getting a new car in just about half of the normal time that they would expect to have the car in their showrooms.
The earlier models of Civic have struggled, especially the 2012 Civic model that turned out to be a huge disappointment for Honda Motor Co Ltd (ADR) (NYSE:HMC). However, the company still believes that Civic can come back to the top of its class and Honda is betting on the 2016 Civic to do just that.
Battle for compact market share
In the recent times, Honda Motor Co Ltd (ADR) (NYSE:HMC) has slipped behind rivals such as Hyundai Motor Co Ltd (OTCMKTS:HYMLF) in the global scene. The company’s sales have particularly been dented by quality and safety issues. It remains to be seen whether the 2016 Civic, a greatly refreshed, would be able to reinvigorate the company’s sales.
Competition is heating up in the compact car segment and it is no longer the two-horse race that used to feature Toyota Motor Corp (ADR) (NYSE:TM) and Honda. More players have not only entered the compact category, but they have come with cars fear far greater design prowess. Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM)’s Chevy, Subaru and Mazda are just some of the names that are fielding f competitive compact cars.
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