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Honda US Calls for Tax Breaks; Company's Performance in Asia Continuously Grows

In order to encourage greater consumermonths, and construction is to begin later
investment in the technology, Honda USAthis year. That plant will begin operating in
Vice-President, John Mendel, has called forthe first half of 2009 with an initial
tax-credit schemes aimed at extending hybridcapacity of 50,000 cars a year and Honda
car drivers to buyers of fuel cell-poweredplans to increase it gradually. The company
cars.plans to find a site large enough to produce
200,000  cars  annually.
He said in an interview early this week that
providing further tax breaks for hybrid carCompany officials say they plan to invite
buyers would not be the right move, as hybridaffiliated parts vendors to set up near the
serve as the bridge technology to somethingnew factory with a view to boosting the
else. Instead, he further argued the benefitslocally procured content of the vehicles
should be provided to fuel cell car drivers,assembled  there.
as fuel cell technology continues to "push
the envelope" in the development ofHonda's first plant that assembles Accord and
energy-saving technology, and shouldCivic sedans in India has the production
therefore  be  encouraged.capacity of 50,000 cars. The company has
announced to increase the production capacity
Mendel's comments follow Toyota's appeal toto reach 100,000 cars by the end of 2007 and
the US government to extend the currentto even increase it to 150,000 vehicles by
tax-credit  scheme  for  hybrid  drivers.2010.
Meanwhile, Asian stocks had their first back-Volkswagen AG, General Motors Corp. and other
to-back advance this year after U.S. retailautomakers are starting up production or
sales was climbed by the most in five monthsbuilding more factories in India, Asia's
and machinery orders in Japan rose. Hondafourth-biggest automobile market, where
Motor Co. together with Samsung Electronicsdemand for vehicles is growing with an
Co.  led  gains  by  exporters.expanding economy. Automakers last year
announced a combined $5 billion of
Another proof of Honda's rising in Asia isinvestments in new factories in India by
its plan to build its second plant in India,2012.
the  continent's  fourth-biggest  economy.
India's economy, Asia's fourth-largest, grew
N.K. Goila, the vice president of Honda Siel9.1 percent in the half-year ended Sept. 30,
Cars India, the country's company unit saidthe fastest semi-annual pace in 15 years,
last January 9 that Honda may spend 20boosting demand for cars. Northern and
billion rupees ($450 million) to set up theeastern India account for 45 percent of the
second  car  factory  in  Rajasthan.company's  sales,  the  statement  said.
Honda has decided to build the second plantIndia's car market may triple to 3 million
because the existing one in Uttar Pradesh isunits annually by 2015, according to the
not large enough to accommodate newSociety of Indian Automobile Manufacturers.
facilities necessary to keep pace with theThat has attracted manufacturers, including
ongoing  demand  growth.Suzuki Motor Corp., Hyundai Motor Co. and
DaimlerChrysler AG. Last year, Renault SA,
According to Honda spokeswoman YasukoFrance's second-largest carmaker, said it
Matsuura, the Tokyo-based manufacturer ofwill open a factory in India along with
cars and motorcycles will locate the plant inMahindra & Mahindra. Renault's affiliate
the northwestern state of Rajasthan,Nissan  Motor  Co.  may  also  join.
northwestern India. She continued that it has
yet to decide on the exact site of the newHonda is also maker of quality Honda tie
plant, but it will be selected in comingrods.



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