With the aim to prevent inventory build-up in the midst of ongoing slowdown in the domestic market, Honda, the Japanese car major would continue to cut its India output by over 45 per cent for the next six months.

It was confirmed by the company that its planned release of hatchback Jazz in the Indian market is on schedule. The company is also thinking to increase the prices of its various models.

New York  - Ford Motor Company and union leaders reached an agreement Monday designed to lower health care costs in the ailing US car industry.

The deal would allow the carmaker to make contributions to the United Auto Workers (UAW) health care plan for retirees with up to 50 per cent stock instead of cash, a move the manufacturer said would help it meet its obligations. Ford owes 13.6 billion dollars to the Voluntary Employee Beneficiary Association, as the health care trust is known.

Tokyo - There have been no serious buyers for the Honda Formula One team, the company's CEO told a press conference in Tokyo Monday.

"There are various offers for the team but we have not seen any serious buyer yet," Takeo Fukui said. "We find the sale process difficult."

The second-largest Japanese carmaker announced its withdrawal from the sport last December because of the global economic crisis, sending shockwaves through the sport.

Tokyo - Honda Motor Co announced Monday that it would appoint a new president in June to deal with a sales slowdown caused by the yen's surge against other major currencies and the dwindling consumer appetite amid the global economic downturn.

Japan's second-largest carmaker plans to promote Senior Managing Director Takanobu Ito to president. The decision was expected to be approved at a shareholders' meeting in June, Honda said.