Pune, July 5, 2013: Piaggio Vehicles, which has just launched the 125cc Vespa VX variant in Pune and is planning other regional launches of the same model, is working on its third offering that is expected to land in retail outlets before the year end.
The third Vespa scooter will also be powered by the refined, single-cylinder, three-valve, four-stroke, 125cc engine developed for the Indian market at the company’s Baramati (Maharashtra) facility.
“The upcoming Vespa scooter will use the same, successful 125cc engine and the same frame as the existing two scooters. However, it will be far more sporty and good looking than the LX and VX models. We plan to roll the third offering before the year end, which could be Diwali as well,” said a company official on the sidelines of the launch of Vespa VX125 in Pune. The model is priced at Rs 70,387 (ex-showroom, Pune).
According to Ravi Chopra, chairman and managing director, Piaggio Vehicles, the company has sold over 52,000 units since May 2012. He added that “while the LX model has a 100 percent localisation now, the VX is built using nearly 95 percent localised components. We are working to evolve the luxury scooter segment now, a segment which has always been dormant as probable customers of luxury lifestyle scooters had no option so far. It gives me immense joy to see that people now have the access to such luxurious scooters which offer iconic brand value along with unmatched performance.”
Giving out the market figures, Chopra highlighted that the Indian two-wheeler segment currently stands at 13.8 million per annum (with CAGR growth of nearly 10 percent y-o-y), of which 2.9 million is the annual scooter market, making it 21 percent of the total two-wheeler segment. According to him, the scooter market is growing at a CAGR of 16 percent.
AMIT PANDAY