Honda to price compact Brio below Rs 5 lakh

BANGKOK: Japanese car major Honda on Tuesday promised more cars for India to boost its less-than-impressive numbers in one of the world's fastest-growing markets and said the company's soon-to-be-launched entrylevel compact car, 1200cc Brio, would sport a price tag of below Rs 5 lakh. The company said Brio will be a crucial product for its India strategy.

While company officials refused to confirm, Honda is also understood to be considering a sedan version of the car, though at a later stage.

"India is a very, very important market for Honda. Motorization in the country is happening at a rapid pace and Honda will like to participate in this with the start of Brio," Honda Motor global president and CEO Takanobu Ito said on the sidelines of the Thailand International Motor Expo after unveiling the prototype of the Brio. Brio is developed for Asian markets and is scheduled to debut in Thailand and India next year. Honda, which sells premium cars in India, failed to keep pace with the domestic market that shot up more than 30% this fiscal. The company's numbers in the period grew 3%.