TVS Motor Company today launched all new 110-cc commuter motorcycle 'StaR City+', starting at Rs. 41,500 (ex-showroom Delhi), as it looks to enhance its presence in the below 125 cc segment.
The Chennai-based firm, which currently sells Star City and Sport models in the below 125 cc segment, aims to enhance its market share with the launch of the new model.
"The below 125 cc segment is around 6 lakh units per month. We currently sell around 35,000 units in this vertical.
With the launch of this new model, we expect to sell around 45,000 units per month in the next 2-3 months," TVS Motor Company Vice President Sales JS Srinivasan told reporters here.
With the additional sales of 10,000 units of the 109.7 cc 'StaR City+, the company aims to enhance its market share in the commuter segment (below 125 cc) to around 8-9 per cent from the current 6 per cent, he added.
The new bike, which would replace the existing StaR City model in the next 1-2 months, has been launched in two variants, priced at Rs 41,500 and Rs 44,000 (ex-showroom Delhi).
The company is also eyeing 25 per cent rise in domestic sales this fiscal on the back of new product launches.
"This fiscal we are looking to sell around 1.85 lakh nits in the domestic market mainly on account of Jupiter and StaR City+. It would be a growth of 25 per cent from last fiscal where we sold 1.48 lakh units per month," Srinivasan said.
The Indian motorcycle market is estimated to be around 9 lakh units per month, out of which around 6 lakh units fall in the commuter segment, he added.
When asked about exports, Srinivasan said: "We are exporting around 25,000 units per month currently. Our major overseas markets include the African countries and various Asian nations like Sri Lanka and Bangladesh".