Piaggio to launch mass market scooter in India by end of 2013
Buoyed by good response to its Vespa brand in India, Italian two-wheeler maker Piaggio is planning to launch a mass market scooter by the end of 2013
The company's Indian arm, Piaggio Vehicles Private Ltd (India) is also currently investing Rs 150 crore to ramp up capacity at the Baramati plant in Maharashtra.
"The scooter segment in India is growing at a tremendous pace. No company would like to miss this opportunity and for that we need to be in the mass market segment," Piaggio Vehicles Pvt Ltd (PVPL) Chairman and Managing Director Ravi Chopra told PTI. At least in the next five years, the segment is expected to grow at a CAGR of 18-20 per cent, he added.
According to Society of Indian Automobile Manufacturers, scooter sales in India grew 24.55 per cent to 25,62,841 units in 2011-12.The company has already started working on a new product with technology from Piaggio's stable, he said. "It takes about 18-20 months to up with a product and our expectation is that by end of 2013 we would be ready to launch it," Chopra said.
While he declined to share further details, Chopra said: "This would not be under the Vespa brand, which we have positioned in the premium segment. For the mass market segment we will have a different brand." Piaggio Group had launched Vespa LX125 priced at Rs 66,661 (ex-showroom in Maharashtra).
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