Taipei, January 21, 2003 --- Honda Taiwan Co., Ltd., Honda's automobile production and sales subsidiary in Taiwan, launched sales of the new CR-V in Taipei today, one day after a line-off ceremony was held at the recently completed automobile plant in Pingdong in southern Taiwan. Nationwide sales will begin today, January 21 through Honda Taiwan's newly established automobile dealer network. The sales price has been set at 799,000 yuan (approx. 2.8million yen) for the LX mid-trim level, and Honda expects to sell 10,000 units of the CR-V in the first year. (1 yuan = 3.5 yen) 

Honda established Honda Taiwan as a 100% owned local subsidiary in February 2002, after discontinuing its local partnership in order to create an organizational structure that would enable it to fully utilize its global production and supply networks. Following this development, in June, Honda purchased land and a factory from local automobile manufacturer, Taching Motors Co., Ltd., located in Pingdong, south of Taiwan. Further investments were made in new production equipment in order to introduce Honda's flexible manufacturing system. 

Regarding the sales network, Honda Taiwan will further increase the number of dealers, which have responsibility for sales, service and service parts. Honda expects to have 30 dealer outlets by the end of 2003.