Italian firm developing CNG, LPG and battery-powered vehicles to help meet 5 million sales target
Piaggio Vehicles Pvt. Ltd. (PVPL), a unit of Italy’s Piaggio Group, is focussed on developing vehicles powered by alternative fuels such as CNG, LPG and electrically charged batteries to achieve its target of selling 5 million vehicles in India in the coming years, its CEO said. “We are providing emphasis on alternative fuel technology and by 2020 we will have a whole new range of products,” said Diego Graffi, MD and CEO, Piaggio Vehicles. “We are investing in product development and will invest several hundred crores” in the coming years.
In the diesel-run, small commercial vehicles segment, Piaggio has a market share of 43% and the Indian operations, including the scooters business, account for 30% of the global revenue. This ratio is set to grow as the company has chalked out plans to roll out new vehicles and enhance its exports to new markets in Africa and southeast Asia. On Thursday, the company rolled out four new Ape range of CNG and LPG vehicles. The Ape Xtra LDX and Ape Auto DX are part of the new range vehicles using water-cooled engine technology. These vehicles are intended for intra-city travel in India.