Honda Motor China Investment (HMCI), a wholly-owned subsidiary of Honda Motors, has established a new wholly-owned subsidiary in China, Honda Motor China Technology Co,
This move is expected to further strengthen automobile development, procurement and production functions necessary for its plans of further localization and expansion of operations in China.
The new subsidiary has been established with an investment of RMB400m ($65.17m), and is located Guangzhou Economic and Technological Development Zone, Guangdong Province, China. It has a workforce of 366.
It is scheduled to become operational in January 2014. HMCI also plans to establish a new plant for the new company in Guangzhou and move to the new building in January 2016.
HMCI will shift existing functions at its Guangzhou Branch to the newly formed company and further localize it to expand its automobile business in China.
To expand its business further, the company has announced plans to introduce 12 fully-changed all-new models in China during the three year period from 2013 to 2015.
