Piaggio Vehicles Pvt Ltd, India's leading manufacturer of light transportation solutions, said it would look at relaunching its Vespa scooters in the first quarter of 2012.
The company launched its new half-tonne cargo four-wheeler, Ape Mini, priced Rs 1,73,600, across India (ex-showroom price).
The company said it took two years to develop this product, based on specific customer needs. The vehicle comes with the highest ground clearance and an originally fitted co-driver's seat and gives a mileage of more than 29 kilometres per litre.
"The Ape Mini is a strategic initiative from Piaggio to further expand our share of the half-tonne market, where the company has a market share of 65 per cent in the cargo version and 33 per cent in the passenger segment. We expect Ape Mini to complement Piaggio's existing three-wheeler portfolio. It should emerge as a preferred option for four-wheeler buyers in this segment on the strength of its operating efficiencies and enhanced earning potential. We expect it will take a couple of months to reach out in the market," Ravi Chopra, chairman and managing director, Piaggio India, said.
A company source said Rs 50 crore (Rs 500 million) was invested for the development of this product.
