Honda is looking to significantly boost sales of its minivehicles by 2016.
President Takanobu Ito told Kyodo News the company was aiming for annual sales of 300,000 units in the next five years or so. It currently sells close to 160,000 a year.
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Minivehicles with engines of 660 cc or less have become more attractive to consumers following the global economic downturn. Ito said that Honda would look to launch attractive models in the segment, which would boost its competitiveness in emerging markets.
Honda held a 9.3% share of the minivehicle market in 2010.
In the final third of last year, Toyota announced it is to sell minivehicles under its core brand for the first time though they will be made on an OEM basis by group affiliate Daihatsu which specialises in the type.
In a statement released at the time, Toyota said Daihatsu would supply three minivehicle model lines in stages starting in autumn 2011, leading to an expected sales volume of approximately 60,000 a year once all three are on sale.
