Piaggio is aiming to sell around 1,00,000 units of its retro style premium scooter Vespa, as the Indian market gave an overwhelming response to the product. According to Ravi Chopra, chairman and MD, Piaggio Vehicles, the target of selling 1,00,000 units of the Vespa can be achieved by rolling out different versions of the scooter and expanding the brand’s market presence. Piaggio currently offers Vespa LX125 model in India with automatic transmission, which in comparison with other automatic scooters is quite expensive.
Mr. Chopra has confirmed that the company is considering a disc brake version along with a sporty version of the Vespa to launch during this year. He added that Piaggio is going to increase the production capacity by October this year, currently the capacity is 1,50,000 units. The company has already invested 30 million Euros (Rs. 217 crores) in the facility till date and will invest for the development of new variants accordingly. After the launch of Vespa, the company has sold around 25,000 units of the scooter till date.
Recently the company has reduced the price of the Vespa LX125 by Rs. 6,700/- and it now costs for Rs. 59,960/- (ex-showroom, Bangalore). The price drop will help the company churn out more volumes. The Vespa LX125 features a 4-stroke 125cc engine with a 3-valve head churning out a peak power output of 10 BHP and a peak torque of 10.6 Nm, mated to an automatic transmission. The Vespa LX125 sits on a monocoque steel body and is known for its retro styling, strong performance and tough build quality. Lets see if the new variants can create any excitement for the Vespa brand.
Source – Financial Express