Honda Says Orders for Hybrid Exceed Sales Targets

By YOSHIO TAKAHASHI

TOKYO -- Honda Motor Co. said orders for its recently launched Insight hybrid vehicle are more than triple the budget-priced vehicle's monthly sales target.

The Japanese auto maker said it had received orders for about 18,000 Insights as of Monday. Honda said orders for the gasoline-electric hybrid car had already matched its monthly sales target of 5,000 vehicles even before the Insight's Feb. 6 rollout.
The orders data provide a rare bright spot for Japan's struggling auto market, which is expected to plunge to a 31-year low in 2009.
Part of the reason for the strong demand for Honda's new fuel-efficient hybrid is that its sticker price ranges between 1.89 million yen and 2.21 million yen ($19,120 and $22,360) including tax, which is cheaper than rival Toyota Motor Corp.'s Prius hybrid. The Prius retails for between 2.3 million yen and 3.4 million yen.
In the U.S., Honda Tuesday said it will sell the Insight for between $19,800 and $23,100, excluding tax and destination charges. Toyota hasn't released its pricing for its new Prius, due out in May. The current Prius model sells for between $22,000 and $24,270, excluding tax, handling and delivery charges, in the U.S. Honda plans to launch the Insight in the next few weeks in Europe and the U.S., targeting total sales of 200,000 vehicles for the year.
In Japan, the Insight ranked 10th in February auto sales with sales volume totaling 4,906. Honda's Fit compact took the top spot, with sales of 9,551 vehicles, while the Prius came in 12th.—Kate Linebaugh contributed to this article.
Write to Yoshio Takahashi at yoshio.takahashi@dowjones.com