Eyeing a larger share in the two-wheeler market, TVS Motor Company would launch "a new bike every quarter" going forward, a top official said today.
The city-based company today rolled out its latest offering - Jupiter, a 110cc scooterette -- aimed at strengthening its presence in scooter segment. Currently, TVS Motor retails Scooty Pep, Scooty Streak and Wego models.
"Every quarter from now, you can expect there will be a new bike from TVS going forward," TVS Motor Company chairman and managing director Venu Srinivasan said, after launching the latest 110cc Jupiter.
The company also plans to launch an upgraded version of its highly popular scooterette Scooty -- 'Scooty Zest' -- in January 2014, he said.
Today's launch of Jupiter comes after unveiling of a 125cc motorcycle Phoenix, which according to Mr. Srinivasan would cross sales of 10,000 units this month.
"I think we are very confident that this will be the best-in-class scooter. It follows the launch of one of the best motorcycles in the country -- the Phoenix," he said.
TVS president and CEO K.N. Radhakrishnan said the company hopes to increase its market share to 16 per cent in the scooter segment with the launch of the Jupiter.
"Currently, our market share is about 13.5 per cent. Through this we are looking at 16-17 per cent in the scooter segment. We will do about 30,000 between Wego and Jupiter," he said.
On overall sales of two-wheelers, he said the company expects it to be around 7 per cent in 2013-14. "Total two-wheeler sales (of the company) will be growing at 7 per cent, when the industry is flat. We are expecting the industry to be flat this year," he said.
Asked if the company would consider exports of Jupiter, Mr. Srinivasan replied in the affirmative, saying it would happen later.
Currently, TVS exports minimal number of scooters to Sri Lanka, Bangladesh and Turkey. Motorcycles account for majority of the company's exports (95 per cent).
To a query on whether the launch of Jupiter would cannibalise the company's other product 'Wego', Mr. Srinivasan said: "We will certainly expect that (Jupiter would cannibalise Wego). Every product of ours will compete with adjoining product. It is a natural event."
Jupiter would compete with the market segment leader Honda Motorcycles and Scooters India Activa, HeroMotoCorp's Maestro and India Yamaha Motor's Ray Z.
Jupiter would come in four colours and would be available in New Delhi immediately at a price tag of Rs 44,200 (ex-showroom). By November, the company would launch the vehicle in south India, he added.