BUENOS AIRES – Japanese automaker Honda has started producing the new HR-V crossover in Argentina, where it invested $28.2 million.
The company plans to produce 15,000 units annually of the new crossover, with “some 70 percent destined for export,” Argentine President Cristina Fernandez said during the launch ceremony Tuesday at Honda’s plant in Campana, a city located about 80 kilometers (some 50 miles) north of Buenos Aires.
The HR-V will initially have a local content of 21 percent, the president said.
Honda plans to start production of two new motorcycle models at the plant in the second half of this year, generating exports of $10 million.
The HR-V is the first model in its class to be manufactured in Argentina, requiring Honda to invest 250 million pesos ($28.2 million), the Industry Ministry said in a statement.
Last week, Fernandez announced that Renault-Nissan planned to invest $600 million to manufacture light trucks in the central province of Cordoba.