Honda Motor Co. is spending $246 million to develop a new brand of car for the Chinese market.
From Market Watch:
A joint venture between Honda Motor Co. (7267.TO) and Guangzhou Automobile Group Co. is looking to strengthen its research and development operations in a bid to produce vehicles that better suit the tastes of Chinese consumers.
A spokesman at Honda Motor (China) Investment, which is in charge of Honda’s operations in China, said Tuesday that Guangzhou Honda Automobile Co. is considering new R&D projects so it will be able to design vehicles specifically for the Chinese market on its own in the future. [Full Text]
See also the supplementary article from Market Watch on Honda’s China operations.