Fleet News

Mergers not the route for us, says Honda

HONDA has announced it is to steer clear of the wave of mergers sweeping the motor industry in favour of focussing on the profitability of its own core product. Chief executive Hiroyuki Yoshino made the statement at Honda's UK plant in Swindon as work began on a second factory on the site to produce the five-door Accord.

He said the new £450million factory, Honda's largest investment in Europe, would increase its workforce by more than a third to about 4,000 and boost European output to 250,000 units a year. Yoshino also pledged that Honda would not follow the merger route which has seen Ford buy Volvo, Renault acquire Nissan and Daimler-Benz merge with Chrysler.

Stephen Byers, Secretary of State for Trade and Industry, said: 'Honda has placed great faith in the skills and resources of British workers. My priority is to ensure that we continue to provide the right business conditions to attract overseas investment to this country. This new production line promises to be one of the most innovative in the world.'

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