“This is a Honda Co, Ltd Annual Report for the year 2003. Approximately 15.5 million Honda engines were sold worldwide during the fiscal year ended March 31, 2003. By following a corporate strategy that emphasizes speed, efficiency, flexibility and innovation in every facet of the Company?s operations?from product development and manufacturing to marketing ? Honda strives to achieve the ultimate goal of satisfying its customers. Through a worldwide commitment to advancing this objective, Honda ? and its many partners who share this commitment ? have succeeded in creating a global network that comprises 439 subsidiaries and affiliates, and continue to supply Honda products to most of the industrialized countries of the world. Competition among companies is likely to grow more intense amid global corporate mergers and acquisitions. Faced with these challenges, Honda intends to work actively
to improve the safety and environmental functionality of products, while continuing to rapidly develop products that create new value for customers around the world.”