TVS forays into men's scooter with Jupiter
By ENS Economic Bureau | Published: 17th September 2013 09:30 AM |
In a bid to bolster its presence in the rapidly growing scooter segment, TVS Motor Company launched its new scooter TVS Jupiter here on Monday.
Speaking after the launch of TVS Jupiter, Venu Srinivasan, Chairman and Managing Director of TVS Motor Company, said the new scooter will be targeting the male segment.
He said the company plans to sell 30,000 scooters, including Jupiter and its earlier launched scooter Wego, every month by the end of this financial year.
Priced at Rs 44,200 (ex-showroom New Delhi), Jupiter would come in four colours. The model is competitively priced and styled to enthuse the male customer, Srinivasan said.
Jupiter would compete with the market segment leader Honda Motorcycles and Scooters India ‘Activa’, HeroMotoCorp’s ‘Maestro’ and India Yamaha Motor’s — Ray Z.
The company has also used 110cc engine in Jupiter, (Wego also has 110cc engine) as it gives the necessary power and fuel economy.
With the launch of Jupiter, the company is targeting to sell 50,000 scooters and scooty a month by the end of financial year.
Srinivasan also said the company is looking at exporting Jupiter to other markets.
He also disclosed that the company is planning to launch Scooty Zest by the first week of January 2014.
Currently, TVS Motor retails Scooty Pep, Scooty Streak and Wego models. TVS Motor’s market share in the scooter segment is around 13 per cent and is expected to go up to around 16 per cent with Jupiter, K N Radhakrishnan, president and CEO said.
Currently, TVS Motor exports minimal number of scooters to Sri Lanka, Bangladesh and Turkey. Motorcycles account for majority of the company’s exports (95 per cent).
The share of scooters in two-wheelers segment is 27 per cent and it is growing by double digits, he said, adding TVS Motors will continue to grow despite the industrial growth slowldown.