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Honda Motor Co expects to grab at least a quarter of the world market for small business jets soon after delivering its first aircraft next year, achieving the company's long-standing goal of taking to the skies, an executive said.
Honda, Japan's No.3 car maker and the world's biggest manufacturer of motorcycles and engines, is in the final stages of getting its $4.5 million HondaJet certified. It aims to ramp up the pace of production to 80 a year in the first half of 2013.
Honda received more than 100 orders for the seven-seater jet in three days when it began taking orders in 2006, promising a quieter engine, 20 percent better fuel economy over competing models and operational costs of two-thirds or less.
It has not disclosed an updated number of orders, but Michimasa Fujino, a Honda executive and CEO of its North Carolina-based subsidiary, Honda Aircraft Company, said it held a backlog of about three years from orders taken through its nine dealerships in North America and Europe.
"I'm very optimistic about our prospects," Fujino, who initiated Honda's foray into aviation research in 1986, told a small group of reporters at the automaker's Tokyo headquarters on Monday.
"We're doing with HondaJet what the Civic did to American cars from the 1960s. Our competitors are still producing with technology from the 1990s," he said, referring to Textron Inc's Cessna and Brazil's Embraer SA, which now dominate the 200-a-year small business jet market.
The Civic, known for its reliability, durability and mileage, has consistently been among the United States' best-selling cars since its launch in 1973, forcing industry giants such as General Motors Co to follow suit with cars to meet the country's tighter emissions regulations.
Honda's ambition of making jets traces back to its iconic founder, Soichiro Honda. The HondaJet will make Honda the only car maker in the world to build its own aircraft.
Its engine is made by a joint venture between Honda and General Electric Co.
Honda Aircraft is aiming to turn a profit by 2018, Fujino said.
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