June 15, 1999
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| June 15, 1999 | atimes.com | |
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| China Honda warns Chinese customers about price-gouging GUANGZHOU - In an unusual move to protect its customers and reputation, a Chinese joint venture of Honda Motor Co. (TSE:7267) has posted notices in local newspapers asking people not to buy Accord models at unreasonably high prices on the secondary market. The cars have been in short supply since full-scale local production started in March, boosting prices dramatically. Guangzhou Honda Automobile Co. has already received orders for nearly 8,000 of the 10,000 vehicles scheduled to be produced in 1999. The cars carry a sticker price of 298,000 yuan, plus a transportation fee for delivery to remote locations. But the company has found that many cars purchased from authorized dealers have later been resold, some for as much as 400,000 yuan. The joint venture has proved very successful despite a slowdown in personal spending in China due to the recent economic slump. Honda has long been famous among Chinese consumers as a motorcycle maker, and the Accord was well received as an import before local production started. (Asia Pulse/Nikkei) | |||||||||
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