Piaggio (PIA.MI: Quote, Profile, Research) will step up production in India and launch scooters in a market that is set to play a greater role in the Italian firm's global operations, its chief executive said on Tuesday.
Faced with a stagnant market in Europe, Piaggio is investing in China, India and Vietnam, and expects Asia's contribution to total sales at 30-35 percent by 2010 from about 20 percent now.
"The Asia-Pacific region offers immense opportunity," Roberto Colaninno said at a news conference.
"We are very positive about our growth in these markets -- they will play a major role in the group's worldwide vision."
Piaggio is looking at setting up research and development centres in Asia, including India, forging new agreements with key partners and tap more sourcing opportunities, he said.
A strategic cooperation agreement with Daihatsu Motor (7262.T: Quote, Profile, Research), for example, is being extended to supply components, engines and powertrains for Piaggio's light transport vehicles.
It has also entered a new agreement with India's Greaves Cotton (GRVL.BO: Quote, Profile, Research) for diesel engines for three-wheelers.
The maker of the famous Vespa scooter sells motorised three-wheelers in India and has launched a mini truck to take on leader Tata Motors (TAMO.BO: Quote, Profile, Research) (TTM.N: Quote, Profile, Research) in the fast-growing segment.
Piaggio had a venture with LML (LMLL.BO: Quote, Profile, Research) for scooters, and plans to re-enter the scooter market by 2010 with a hybrid design.
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what is the model name for the Piaggio sccoter in the photograph. Is this model introduced in india in march 2010, if yes, what is the 'on the road' cost and where to find the dealer network to book a scooter ???
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