Honda's hatchback Jazz on Wednesday made a comeback in the Indian market with the company launching a third-generation version of the model priced between Rs5.3 lakh and Rs8.59 lakh (ex-showroom Delhi).
The car, which would compete with the likes of Maruti Suzuki Swift and Hyundai Motor Elite i20, is powered by both petrol and diesel engines.
The petrol variants of the car are priced between Rs5.3 lakh and Rs7.29 lakh, while the diesel versions are priced between Rs6.49 and Rs8.59 lakh (ex-showroom Delhi).
Automatic variants of the car are priced in the range Rs6.99 lakh to Rs7.85 lakh (ex-showroom Delhi).
Honda Cars India ltd (HCIl) President and CEO Katsushi Inoue said: "The all new Jazz will be a key pillar of business and would be instrumental in driving the growth for Honda Cars in India."
Asia Honda Motor Co President and Director Noriaki Abe said Jazz marked the company's re-entry into the premium hatchback segment in the country.
"Jazz has played a significant role in boosting our business globally and I am confident that it will replicate the same success in India," he added.
To keep the momentum going in the Indian market in the current fiscal by launching models in the "exciting segment", Abe said.
Elaborating on the importance of Indian market, Abe said it is now the fourth largest market for Honda globally and contributed around 30 per cent of sales in the Asia and Oceanic region sales.
Since 2013, Honda has invested over Rs 3,000 crore in Indian car business, with major part if the investment going into the company' s plant in Tapukara, Rajasthan, he added.
Commenting on Jazz, Abe said that the company has increased the local content to over 90 per cent from the earlier content levels of 72 per cent, thereby making it more competitive in the Indian market.
Jazz is being manufactured at HCIl's Tapukara plant where it is investing Rs380 crore to expand production capacity to 1.80 lakh units annually from 1.20 lakh units.