Piaggio to invest Rs 100 cr in five years
Piaggio Vehicles, the Indian arm of the Italian auto major Piaggio group, plans to invest over Rs 100 crore to develop new vehicles and new engine technology for the world’s fourth biggest automobile market.
“We are a profitable company. The growing Indian market is important for us and we are going to invest around Rs 100 crore over the next five years in developing new power trains, products, including electric vehicles for the Indian market,” Diego Graffi, managing director and chief executive officer at Piaggio Vehicles said.
Piaggio has introduced new series of Ape model of three wheelers in CNG and LPG variants for the local market.
Graffi said the Indian market was an engine of growth for the company and it is important to introduce new vehicles to grow market share in the “fiercely competitive market”.
This launch coincided with the roll out of the 2.5 millionth Piaggio vehicle from its sole factory at Baramati in Maharashtra.
The Ape Xtra LDX and Ape Auto DX three-wheeler passenger and cargo vehicle are part of the new industry-first water-cooled engine technology range.
The new range is priced between Rs 1.52 lakh and Rs 1.94 lakh, and aims to meet the growing demand for the small commercial vehicle mobility solutions particularly suited to intra-city travel, Graffi said.