Like most mainstream automakers, Honda is raking in the cash with their lineup of crossovers. But Honda is also doing quite well when it comes to cars, a bit surprising since the news is flooded with automakers deciding to cut back on their lineup - though we should note that Honda is planning on slimming down their lineup, both in trims and models in the coming years.
"What's perhaps more unusual and important for us, however, is our cars. We all know the narrative: Cars are dead and dying. That's certainly true for some, but not for us. Our story is a little different," said Henio Arcangeli Jr., senior vice president of the automobile division of American Honda Motor Co.
How is that story different at Honda? It comes down to certain groups of buyers.
"But cars really matter for another fundamental reason: the future. Cars play a crucial role for Honda in attracting and retaining new buyers, particularly young buyers, millennials and Gen Z," said Arcangeli.
Data gathered by the company revealed more than half of first-time buyers of news are choosing cars, not trucks or utility vehicles. We have to wonder if the lower prices of new cars play a key role in this.
"So, we're dominating the front door with new buyers, with cars playing a critical role. Gen Z today is still a relatively small share of the market, but it's growing daily, and Honda is in the early lead."
Source: Automotive News (Subscription Required)