Italian manufacturer, Piaggio has announced the launch of a new scooter model under its iconic Vespa brand in the country.
Piaggio has launched the new Vespa LX 125 with a price tag of Rs 66,661 ex-showroom in Maharashtra. The company is positioning the scooter in a premium segment and the price range of about 15-20 per cent higher than rivals including Honda Activa, Suzuki Access and Mahindra Duro.
Ravi Chopra, CMD, Piaggio Vehicles Private Limited said, "We could not have launched Vespa at better time than this. The scooter market is fastest growing segment in the country and the Indian consumers has evolved today aspiring to own more lifestyle products and Vespa fits in perfectly."
Piaggio expects to sell more units in the Indian market in the coming two to three years than many other markets with over 3,00,000 units sold annually. Piaggio sold 1,50,000 Vespa scooters in 2011 globally.
The Vespa brand is reentering the Indian market after a gap of thirteen years with a new range of scooters, which were unveiled by its parent company, Piaggio at Auto Expo in New Delhi. The launch will be the first product offering by the Italian automaker in India without a local partner.
Piaggio licensed the production of Vespa scooters to Bajaj Auto. However, the joint venture ended in 1971, and the company partnered with LML Motors in 1983 and offered scooters in the country. This joint venture was completely acquired by LML in 1999, marking an exit of the company from the Indian market.
Piaggio is forming an exclusive dealer network in the country for the brand and is planning to have about 100 dealers across India. The company has already created a capacity of 150,000 units at its Baramati plant and will soon expand production depending upon market demand for the scooters.
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