2004 Honda Goal: Sell 1.4 Million Cars In US, 3.5 Million Worldwide

TOKYO December 16, 2003; Yoshio Takahashi writing for Dow Jones reported that Honda Motor Co. said Wednesday it aims to sell 1.4 million vehicles in the key U.S. market in 2004, up 3.7% from its estimated sales of 1.35 million units there this year.

The Japanese car maker is also more optimistic about its sales prospects in the domestic market. It will target Japan sales next year of 800,000 cars, up 8.1% from its estimated sales of 740,000 cars here this year.

Honda also said it will target global vehicle sales of 3.2 million units in 2004, up 10% from its overall sales estimate for this year.

In addition, the company said it will set up a wholly owned subsidiary in China in January to strengthen in its operations in the rapidly growing mainland market. It expects the new company to start operating in February.

The company has 11 joint ventures and subsidiaries in China handling its motorcycle, car and power equipment businesses. The new subsidiary will function as a regional headquarters to oversee all of Honda's local operations.