Chandigarh: Piaggio Vehicles Pvt Ltd (PVPL), wholly-owned subsidiary of Italy-based Piaggio & C Spa, on Monday said it was aiming to sell 1.60 lakh vehicles including commercial and passenger categories by the end of this calendar year.
“In 2006, we sold 1.40 lakh vehicles and this year we would like to have total sales volume of 1.60 lakh vehicles,” PVPL, director (Sales and Marketing), Ashutosh Khosla told reporters here on Monday.
Acknowledging a slow down in the industry’s growth, triggered by high rate of bank interest, Khosla said that even then we would strive to maintain double digit growth. “This year we will grow by 11% even, considering the fact that rising interest rates have dampened the three wheeler industry’s growth by 5%,” he said.
The company, which achieved a turnover of Rs1,134 crore in 2006, on Monday announced the launch of new sub one-tonne four wheeler “Ape Truck” in the northern region. “This vehicle would fill the gap between lower end of Light Commercial Vehicles (LCV) category and large three-wheelers,” he said.
Piaggio expects to acquire 20% market share in this segment. “The total market size of this category is around 60 vehicles per month and we are targeting to achieve 20% market share in this year,” he said.
Currently, the company has a market share of 56% in cargo segment and 90% in passenger category in Chandigarh and Punjab.
Having a plant at Baramati in Maharashtra, the company today produces 500 vehicles per day and has a production capacity of 2 lakh vehicles per annum.
The product range of company includes half-tonne cargo vehicles (pick up and delivery van) and three-seater passenger vehicles in various fuel variants.