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Honda Motor Co (NYSE: HMC) is increasing its capacity by 15% in North America to keep up with the growing demand for its fuel-efficient cars. According to the Associated Press, President Takeo Fukui told reporters that annual production will hit 1.62 million vehicles by 2008, up from 1.4 million. A new auto plant will be built in Indiana, Honda's seventh in North America, and is slated to begin production in late 2008, Fukui said.Overall, demand has been healthy for Honda's cars in America. Honda has a reputation for good mileage at a time when gas prices are reaching record levels. In comparison, American carmakers are fighting a losing battle against Honda and other foreign carmakers to regain its once-superior positioning. As a group, the market share of Detroit's Big Three slid in June to 50.2% from 56.1% a year earlier.
The Big Three are suffering from a problem they chose nearly a decade ago: focus on inefficient sport-utility vehicles and pickup trucks, instead of fuel-efficient cars.
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