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Honda Cars India Achieves Significant Growth in FY 2023-24 with Robust SUV Sales

New Delhi, April 1, 2024 – Honda Cars India Ltd. (HCIL), a prominent player in the premium car segment, has announced a remarkable performance in the domestic and international markets for the fiscal year ending March 2024. The company reported substantial growth, with domestic sales reaching 7,071 units in March 2024 alone, showcasing a steady increase from the previous year’s figures of 6,692 units in the same month.

For the fiscal year 2023-24, HCIL made a significant leap, selling a total of 1,24,173 units, encompassing both domestic sales and exports. This figure marks a notable improvement over the 1,14,140 units recorded in the preceding fiscal year, highlighting the brand’s growing appeal and market penetration.

Exports also saw a positive trajectory, with 6,860 units shipped in March 2024, doubling the previous year’s March exports of 3,189 units. The cumulative export figures for FY 2023-24 stood at 37,589 units, reflecting the brand’s increasing global footprint and appeal in international markets.

The fiscal year’s highlight was the introduction and success of the Honda Elevate, an entry into the competitive SUV market. The Elevate garnered significant attention and praise from customers across India, contributing to the brand’s domestic sales surge and expanding its export markets, including new territories like Japan.

Kunal Behl, Vice President of Marketing & Sales at Honda Cars India Ltd., expressed enthusiasm over the fiscal year’s outcomes, attributing much of the success to the launch and reception of the Honda Elevate. “The year 2023-24 has been pivotal for HCIL, marking our strong presence in the booming SUV segment. The Honda Elevate, in particular, has become a cornerstone of our business, significantly boosting our sales figures and helping us solidify our position both domestically and overseas.”

The company’s performance in FY 22-23, with domestic sales of 91,418 units and exports of 22,722 units, laid a solid foundation for the growth witnessed in the following year. Honda Cars India’s achievements in FY 2023-24 underline its commitment to innovation and customer satisfaction, as well as its capability to adapt and thrive in a competitive market.

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