The Indian unit of Japanese automaker Honda Motor Co. is considering investing over $1.2 billion as part of plans to launch new models, including electric vehicles, and fund its expansion in the South Asian country.
Honda Cars India Ltd., which has already announced its plans to launch six new models in India over the next three years, revealed this week that one of the models will be an "affordable" hybrid car catering to the mass market.
"We will launch the hybrid car in the next three years as part (of) our electrification strategy. It will be a mass market product ... an affordable car, not like the (Honda) Accord hybrid with a very few (sales) numbers," Gaku Nakanishi, president and chief executive of HCIL, told reporters during the launch of its fifth generation All New Honda CR-V in New Delhi on Tuesday.