Piaggio’s Vespa back in India
MUMBAI- The Associated Press
Models pose with a Vespa scooter during its launch in Mumbai, India. AP photoPiaggio launched its Vespa scooter in India yesterday. The company hopes to carve out a market for luxury scooters in one of the world’s most cost-conscious markets.
Piaggio is investing $50 million in a new factory, with plans to double capacity to 300,000 vehicles a year by 2013. The Vespa LX will cost 66,661 rupees ($1,282) in India, a 40 percent premium to most scooters, but still the lowest sticker price for a Vespa in the world. The model sells for about 3,000 euros ($3,960) in Europe.
Piaggio exited India in 1999, ending a 16-year-long partnership with India’s LML Motors after a long dispute. India is also a fast-growing market for cars, attracting global auto makers like General Motors.