India Yamaha Motor (IYM) aims to sell 10 lakh units by 2014 and subsequently touch 28 lakh by 2018, a top company official said Friday.
Hyderabad: India Yamaha Motor (IYM) aims to sell 10 lakh units by 2014 and subsequently touch 28 lakh by 2018, a top company official said Friday.
The company's proposed Chennai manufacturing plant will be operational by 2014 and total production capacity will touch 28 lakh by 2018, IYM Chief Executive and Managing Director Hiroyuki Suzuki told reporters here.
He along with other senior officials of IYM was in the city to launch the bike maker's new scooter 'Ray' in Indian market.
"We made an announcement to build a new factory in Chennai. We are planning to start this new factory from 2014 January. With this production capacity expansion, we are targeting to achieve 1 million (10 lakh) units sales in 2014.
"We will expand our total production capacity further in the long-term. We are planning to expand our sales to two million units in 2016 and 2. 8 million (28 lakh) units in 2018," he said.
Bollywood female actor Deepika Padukune formally launched the bike.
With 'Ray', the company formally announced its entry into the rapidly growing Indian scooter segment. It is the first Yamaha model to enter India's scooter Segment and is strategically positioned to expand Yamaha's share in the Indian market, he said.
Suzuki said the company at present sells around 4 lakh units and by next year the figure will go up to 6.5 lakh units.
With the addition of the scooter 'Ray' in its portfolio, India Yamaha motor is looking at a market share of 20 percent in the scooter segment by 2016, he added.
Replying to a query he said, IYM has started exporting bikes to some Latin American countries and may increase export volumes in coming years.
Last year exports were 1.9 lakh units mainly to South America and ASEAN countries and Africa.
"Currently, exports constitute 20 percent of our total sales and we will increase it to 30 percent in future," Suzuki said.
The new 'Ray' priced at Rs 46,000 (ex-showroom, Delhi) has been designed and engineered to answer the needs of this growing class of young female customers, who want a scooter that is stylishly designed, compact, easy to use and have a fresh new appeal, the company said.