Honda Cars India is set to get a new president and chief executive officer. According to sources, Takashi Nakajima is expected to be announced as the new president and CEO, replacing Takuya Tsumura.
This is part of the annual changes made by the Japanese parent company Honda Motor, sources familiar with the matter said, adding Tsumura is expected move to the head office in Japan for a bigger role. The changes are likely to be effective as early as April 1.
Sources said Nakajima has been the president of Honda Motor Russia.
Tsumura became the president and CEO of Honda Cars India in April 2022. Under his leadership, Honda Cars India launched its mid-size SUV Elevate and started exports to Japan, while the automaker also launched new generation City and Amaze sedans.
The change in India comes at a time when the maker of the City sedan is struggling to sustain its share in a market where the demand for sedans has been on a declining trend for the last few years.
Honda Cars, which is looking at India as a hub for exports, is set to start its electrification journey in India next financial year with the introduction of a battery-electric vehicle based on its Elevate SUV and two other strong hybrid models.
Last year, Autocar Professional reported that Honda Cars is working on a compact electric vehicle project named ACE. The ACE — which stands for Asian Compact Electric — is likely to be ready next year, and almost 50-70% of the vehicles produced in India will be exported to key overseas markets, including Japan.
In financial year 2024, Honda Cars India posted a 16% year-on-year jump in revenues to a six-year high of Rs 16,461 crore on the back of record-breaking exports. Profit before tax also rose by an impressive 25% Rs 1,029 crore.
Total sales volume during the year grew 8.8% on year to a five-year high of 124,244 units, while export volume surged 65.4% to 37,660 units. The automaker’s average selling price was at Rs 13.2 lakh in 2023-24, up from Rs 12.4 lakh in the previous year.
Honda Cars India’s current product portfolio has 3 models – Amaze, City and Elevate. During the April- January period of this financial year, the automaker sold 53,081 units in India and had a market share of 1.5%. It exported 50,866 units.
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