As we all know, as the industry transitions to electric vehicles, Japanese automakers are one of the biggest laggards. Japanese automakers are scrambling to avoid being squeezed out of the market by Chinese electric vehicles, Asia News Network reports.
Honda has rarely carried out major price cuts or promotions in the past, but Nissan and Honda are currently cutting prices and interest rates in Thailand to attract buyers, the report said. Hideo Kawasaka, chief executive of Honda Motor (Thailand), said promotions have become necessary amid fierce competition for electric vehicle sales in China.
Hideo Kawasaka also said: “We realize that competition with Chinese brands affects the C and D segments (Honda Civic and Accord). Before coming to Thailand, I worked for Honda China for five years, where we had to compete with Changan Or BYD competes. I must admit that the selling price will affect competitiveness. Price adjustments must be carefully considered, and we will provide discounts such as 0% interest plus free insurance at the end of this year.”
Honda is running “significant sales” on City, Civic, HR-V and Accord models. Buyers can choose 0% interest or discounts between 100,000 and 150,000 baht (Note: currently about 20,400 to 30,600 yuan), with interest rates starting from 1.89%. The third option is a low down payment of 5,000 baht (currently about 1,020 yuan).
Other Japanese carmakers, including Nissan, Mitsubishi, Mazda and Suzuki, also plan to offer 0% interest or discount options in Thailand. These offers will be announced at the Auto Expo and will last till the end of this year.
