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Honda To Begin Making Cars In Russia -Nikkei

TOKYO (Nikkei)--Honda Motor Co. (7267.TO) plans to begin making cars in Russia, The Nikkei reported Sunday. The automaker will set up an assembly plant, importing the necessary components from elsewhere. The plant will be Honda's first in Russia. Honda submitted the plan to Russia's Economy Ministry sometime before Saturday and started talks with officials. The company plans to turn out 30,000-50,000 cars in Russia, with the initial investment likely to total several billion yen. The site for the plant will be chosen after consultation with ministry officials, with the maritime region in the Russian Far East a likely candidate. At present, Honda has no local production in Russia and imports cars sold in the country from the U.K., the U.S. and Japan. Tariffs of about 50% on imported cars make Honda vehicles more expensive than autos made by rivals locally. Honda is hoping a Russian plant will give a big boost to sales in the country, which totaled about 18,000 cars last year. Competition is intensifying in Russia among Japanese carmakers. Toyota Motor Corp. (7203.TO), Nissan Motor Co. (7201.TO) and Mitsubishi Motors Corp. (7211.TO) are making cars in the country, and Mazda Motor Corp. (7261.TO) is expected to follow suit in 2012.

Stock News for Honda Motor (HMC)
DateTimeHeadline
03/21/201703:02:00Honda Dropped Ad Account Amid Strains -- WSJ
03/02/201703:02:00Car Makers Spend More on Discounts than Labor on a Car -- WSJ
03/01/201723:34:00Honda Electro Gyrocator Recognized as IEEE Milestone
02/28/201704:00:00Honda Announces New Research and Development Structure to Take...
02/27/201703:40:00Honda Sets Monthly Records for Automobile Production Worldwide...
02/27/201703:26:00Honda Celebrates One Million Automobile Production Milestone...
02/23/201708:29:00Ituran Announes DRIVE: The New Smart Mobility Innovation Center...
02/08/201703:02:00Honda in Electric-Vehicle Venture Honda, Hitachi Team Up on Motors...
02/07/201701:40:00Hitachi Automotive Systems and Honda Sign MoU Aiming to Establish...
02/04/201703:02:00Honda's Profit Rises as Air-Bag Cost Ebbs -- WSJ
02/03/201707:00:00Honda Motor Co., Ltd. Reports Consolidated Financial Results...
02/03/201703:10:00Honda Reports Consolidated Financial Summary for the Fiscal 3rd...
01/30/201718:29:00Honda Sets All-Time Calendar Year Production Records for Automobile...
01/30/201711:00:00GM and Honda to Establish Industry-First Joint Fuel Cell System...
01/23/201721:33:00Honda Announces Line-up for 2017 FIA WTCC
01/05/201703:03:00Auto Sales Zip to Annual Record -- WSJ
12/27/201601:50:00Honda Sets Monthly Production Records for Worldwide, Overseas...
12/22/201605:05:00Honda Reaches 100 million Worldwide Automobile Production Milestone
12/21/201621:02:00Honda and Alphabet Inc.'s Waymo Enter Discussions on Technical...
12/18/201622:29:00Honda to Begin Automobile After-Sales Business in Myanmar

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