Honda 2008 Annual Report Download - page 12
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Accord FitCivic
Automobile Business
During fiscal 2008, as a result of strong unit sales of Honda’s global models—the Civic,
Accord, CR-V, and Fit—unit sales increased in all overseas regions, and total unit sales set
a record for the ninth consecutive year.
In North America, in the United States, despite the fact that the economy began to
show signs of deceleration, Honda reported a steady increase in unit sales for the all-new
Accord, the CR-V, and other models. In Europe, sales of diesel-engine models expanded,
while Honda posted rapid sales growth in Russia, supported by strong economic condi-
tions, and in Eastern Europe, where markets are continuing to expand. Meanwhile, within
Asia, in China, sales of the Civic, CR-V, and other models were favorable. In Japan, al-
though sales of the all-new Fit were strong, industry demand was weak and Honda’s unit
sales decreased.
Power Product and Other Businesses
Total unit sales of power products declined as a result of weaker demand in North America,
despite increases in other markets outside the United States.
Reviewing by region, in North America, overall unit sales of power products decreased
as the housing market weakened. On the other hand, unit sales increased in Europe, mainly
of general-purpose engines for OEM use, along with expansion in the Russian and Eastern
European markets. Also, in Western Europe, sales of lawn mowers and other products were
favorable. In Asia, sales of general-purpose engines and pumps were favorable.
Fiscal 2008 was the concluding year of Honda’s 9th mid-term business plan, which was
launched in fiscal 2005. During the three years covered by the plan, Honda focused on es-
tablishing a foothold for the future, concentrating on:
•StrengtheningthecorecharacteristicsthatmakeHondaunique,
•Strengtheningthefoundationforglobalgrowth,and
•StrengtheningHonda’seffortstoreduceitsenvironmentalfootprint.
Over the three years of the business plan, Honda gained a strong foothold for its future
growth and development.
During the period, Honda achieved tremendous expansion of its business as the econo-
mies in North America experienced a generally favorable performance and the economies in
Asia and South America continued to grow, while increasing its combined sales of motorcy-
cles, automobiles, and power products 38.8% more than the concluding fiscal year of the
previous mid-term business plan (ended March 31, 2005).
To Our Shareholders
Results of the 9th Mid-term Business Plan
Annual Report 2008
10