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The Honda Motor Company is a world famous, Japanese-based manufacturer of cars and motorbikes. Soichiro Honda founded the company after a period of working for Toyota.
The first Honda factory and design centre was founded by Soichiro following the outbreak of WWII. His old employer, Toyota, had granted him a factory to produce his new piston design, but the plant was later destroyed during an earthquake. At this time, Japan was experiencing a petrol shortage, and Honda's idea of building an engine to the back of his bicycle caught the attention of many and soon led to him establishing a research institute in Hamamatsu for the development of motorbikes. Receiving funding from enthusiastic bicycle shop owners, the fledgling company went on to develop its first fully formed motorbike, the Honda Cub. The low cost of Honda's new motorbikes enabled the company to expand quickly and, by 1964, it had become the largest manufacturer of motorbikes in the world.
To widen its market, Honda introduced its S500 and T360 sports car and pick-up truck in 1963. Though not as internationally successful as its bikes, these models marked the full entry of the Honda Company into the car market. In the following decades, the company managed to expand enormously, eventually becoming one of the largest car and engine manufacturers in the world. The company currently owns factories in a number of countries, allowing it to maintain a presence, reduce shipping costs and keep Honda sales high.
One of the greatest achievements of Honda has been avoiding many of the pitfalls of domestic and European companies. Secondhand Honda cars and bikes have a reputation for reliability and used Honda cars achieve low depreciation rates. Like other manufacturers, it has suffered during the recent financial downturn, but at the same time managed to improve sales, thanks to consistently low prices.
