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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
12/02/201603:02:00Car Sales Roll Along, Aided by Discounts -- WSJ
11/25/201600:46:00Honda Sets Monthly Production Records for Worldwide, Overseas...
11/24/201623:00:00Asian Shares Stronger With Nikkei at 10-Month High
11/22/201604:00:00Audi's China Dealers Seek to Block Deal With SAIC Motor
11/10/201614:00:00Trump's Nafta Plan Would Confront Globalized Auto Industry
11/10/201603:07:00Honda Develops Basic Technologies for Interactive Interface Software...
11/09/201623:50:00Asian Shares Rebound as Investors See Hope in Trump Win
11/09/201611:10:00Businesses World-Wide Face Uncertainty in Wake of Trump Victory
11/08/201603:05:00Nissan Keeps Full-Year View Despite Currency Woes -- WSJ
11/03/201623:30:00Asia Stocks Falter as Political Concerns Build
11/02/201603:03:00Demand For Trucks Buoys Car Industry -- WSJ
10/31/201620:39:00Honda's Consolidated Financial Summary for the Fiscal First Half...
10/31/201607:00:00Honda Motor Co., Ltd. Reports Consolidated Financial Results...
10/27/201613:48:00Honda Sets Monthly Records for Automobile Production Worldwide...
10/25/201618:10:00Daimler to Enter Light-Pickup Truck Market By End of 2017
10/25/201607:40:00Renault and Nissan to Fuel 'Connected Cars' Push With Tech Hiring...
10/25/201603:03:00Dashboard Screens Bedevil Buyers -- WSJ
10/24/201614:30:00Consumer Reports Yanks Honda Civic Recommendation
10/20/201623:50:00Asian Shares Lower; Hong Kong Markets Shut Due to Typhoon
10/17/201621:45:00Honda to Exhibit World Premiere of Planned Production Model of...

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