Aiming to regain its lost position in the two-wheeler industry, TVS Motor Company on Friday launched a first-of-its-kind premium bike in the 125 CC executive segment — TVS Phoenix.
“The company will launch four more products, including scooters before 2013,” said Venu Srinivasan, chairman and managing director, TVS Motor. Phoenix' offers 67 kmpl and comes with a price tag of R53,000 (ex-showroom), he added. The firm is planning to regain its lost market share from current 13% to 18% by the end of this financial year. "We are on rapid fire and one would see a product every quarter from us over the next two to three years to keep us in great growth momentum while regaining our lost market share. We know and we are certain about our product portfolio over the next three years and next product will be the revamped Victor in the 125 CC executive segment in August 2013,” he said.
During the April-August period, the company had reported a 7.62% negative growth to 815,643 units on the domestic front while exports declined by 25% to 91,346 units during the five-month period.
In August alone, the company reported a negative growth of 27% to 139,005 units in domestic market and 42% decline on export front to 15,227 units.
Responding to a volley of questions, Srinivasan admitted that the company lacked products and some misgivings in between in the executive segment for over four to five years (which accounts for nearly 40% of the total industry's sales) put the company in a “lot of hardships”.
"Though we had products like Centra and Flame in this segment but were not doing well to our expectations," he said.
"We are working on a common platform where our future products can be lined up.Over the next three years, one would see there would be only two platforms for us.”