Honda Cars India, the local arm of the popular Japanese car manufacturer Honda, will step up the export of auto parts in a bid to shield itself from the falling rupee, reported Business Standard.
As per the report, Honda is looking to boost the export from India to countries across the globe.
Honda, which had exported auto parts worth Rs 1,500 crore in the last financial year to its subsidiaries in Philippines, Thailand, and Japan, could further increase its exports to Rs 1,700 crore this fiscal, the report said.
Honda expects that the move will help cushion itself from any any fall in rupee, which has lost about 12 percent against the US dollar so far this year.
“An aggressive localisation of the models and exports of cars and parts are the only ways to counter the falling rupee,” Rajesh Goel, senior vice president and director sales and marketing, told Business Standard.