Two and three-wheeler manufacturer TVS Motor Company on Wednesday launched upgraded variant of its popular scooterette, the Scooty Zest, expanding its portfolio in the segment.
Launch of new 110cc scooterette comes under TVS' strategy of introducing new product in every quarter. Last quarter the company launched 110cc motorcycle Star City+.
"We are trying to keep pace with the change in Indian society. We have introduced 110cc (scooterettes) Jupiter, Wego.. The scooter category is fastest growing segment at 26% and we believe it will reach 30% ..", TVS Motor Company Vice Chairman and Managing Director Venu Srinivasan told reporters here.
The company claims the new scooterette would offer 62 km per litre. It is available at Rs. 42,300 (Ex-showroom New Delhi).
"Scooty became most well known brand when it was launched 15 years ago. Scooty Zest takes to the new level and it's for people who look for more power and comfort," he said.
He said the company would not rule out existing Scooty Pep+ and Scooty Streak models and those two products would be available along with today's launch. "Zest is addition to existing Scooty range..." TVS Motor Company Chief Executive Officer K N Radhakrishnan said the firm has made an investment of Rs 70 crore in this product. It is manufactured at Hosur plant.
"Currently our market share is 15%. We are looking it taking up to 18 per cent in the overall two wheeler segment..", he said, adding that scooterette industry was around 30,000 units per month.
Asked whether the low price point offered to Scooty Zest would 'cannibalise" the company's other products Jupiter and Wego, Srinivasan said "each product has clear independent position. Wego is for a married woman with a single child.
This is for young girls in the age group of 18 to 25 years".
He said though Jupiter, Wego and Zest are made in the same platform, each product was "distinctly" positioned.
On roll out of new products, he said the company would launch Victor, motorcycle, in the next six months.
"Right now we have the scooters ranging from basic Scooty Streak all the way to Jupiter. In another six months you will see Victor joining them (existing motorcycles Sport, StarCity+, Phoenix and the Apache)," he said.