Italian luxury superbike manufacturer MV Agusta aspires to reach annual sales of 300-400 units in India by mid-2018 and increase it further to 500-600 units in the next couple of years, the company said on Wednesday.
The company has sold around 100 units in India since its foray into the country last year.
The company plans on achieving its target by offering more products in the country.
According to Ajinkya Firodia, MD, Motoroyale - MV Agusta India, the company's current line up for India includes three products and their variants and around three additional products shall be launched by mid-2018.
"We expect to sell about 300-400 units by then and take it further to 500-600 units in next few years," said Firodia during the launch of Brutale 800 in India on Wednesday.
The Indian business now forms around 8% of the total revenues for MV Agusta, the company officials said.
The brand has been brought into India by Pune-based Kinetic Group.
As per an estimate by the company, the superbike market, which comprises bikes priced over Rs 5 lakh, in India is around 13,000 units per year and is expected to reach to 20,000 units by the end of this decade.
Most of the global brands including Harley Davidson, Ducati, BMW, Triumph, Suzuki, etc, are battling it out in the market that is seeing increasing competition.
MV Agusta, which was first founded in the mid-1940s as an aviation company, reportedly entered into the automobile segment in order to fund its racing passion. However, over a period of past several decades of its existence, the company faced several challenges. Since the past few years, the company has reportedly been facing financial crisis. There have also been allegations that the company had used the social security funds of its workers to make payments to its suppliers. MV Agusta has denied the allegations.
Meanwhile, around last year, MV Agusta received an investment from private equity firm Black Ocean. As part of its business strategy, the company decided to market in the premium sports bike segment, equating itself with what Ferrari is in the four-wheeler segment. The company has begun to limit its sales to around 5,500 units globally in 2017 from annual sales of 8,000-plus units in the prior two years.
"Sell less but sell better," said Raffaele Giusta, sales and marketing director, MV Agusta Motor. The insiders say that the cut down has helped the company in cutting down losses.
...& ANALYSIS
- MV Agusta aspires to sell 300-400 units annually by mid-2018 and take it up to 600 units in next two years
- The Indian business now forms around 8% of the total revenues for the superbike manufacturer
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 "Brutale 800")
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