American Honda CEO unsatisfied with Accord sales

NEW YORK Thu Apr 5, 2012 4:39am IST

The Honda Accord plug in hybrid concept car is displayed on the final press preview day for the North American International Auto Show in Detroit, Michigan, January 10, 2012. REUTERS/Rebecca Cook/Files

The Honda Accord plug in hybrid concept car is displayed on the final press preview day for the North American International Auto Show in Detroit, Michigan, January 10, 2012.

Credit: Reuters/Rebecca Cook/Files

Related Topics

Stocks

   

NEW YORK (Reuters) - March sales of the flagship Honda Accord were "not satisfactory," but the company is working through the inventory problems that led to an unexpected slump, executives said at the New York Auto Show on Wednesday.

U.S. consumers bought 26,771 Accords last month, down from 31,533 vehicles a year ago. Total group sales were down 7.7 percent year-over-year to 115,833, American Honda said earlier this week.

"We are not satisfied with that," said American Honda President and Chief Executive Tetsuo Iwamura, noting the Accord was outsold by both the Toyota Camry and the Nissan Altima last month.

The company is still working through problems stemming from the March 2011 earthquake and tsunami in Japan, which disrupted production.

"We're still suffering the inventory issues associated with the disaster," marketing executive Mike Accavitti said.

Iwamura said total inventories were improving quite well but distribution of vehicles among dealerships was "kind of a problem at this moment."

He said the Accord sales slump was caused by a shortage of some popular models but that a new model in the fall would help improve Accord sales.

(Reporting By Nick Zieminski in New York, editing by M.D. Golan)

FILED UNDER:

Monetary Policy Committee

Reuters Showcase

Microfinance

Microfinance

Funding the unfunded: India helps small business borrow to grow  Full Article 

Insurance Sector

Insurance Sector

UK healthcare firm Bupa sees strong growth in India  Full Article 

Sensex Rises

Sensex Rises

Sensex edges up; consumer and healthcare stocks rise  Full Article 

Market Eye

Market Eye

FTSE adds nine Indian firms as large-caps in Asia-Pacific ex-Japan index   Full Article 

Indian Ocean Diplomacy

Indian Ocean Diplomacy

PM Modi to ramp up help for Indian Ocean nations to counter China influence  Full Article 

ECB Bond-Buying

ECB Bond-Buying

ECB raises growth forecasts, to start printing money next week  Full Article 

China Economy

China Economy

China signals "new normal" with lower annual growth target  Full Article 

Pharma Sector

Pharma Sector

Panel recommends waiving late-stage trials for some drugs  Full Article 

E-commerce

E-commerce

China backs e-commerce expansion in win for Alibaba, JD.com  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage