"In the previous two years, we have introduced new items. We now want our customers to absorb them. As a result, no new products will be introduced in 2023," said Diego Graffi, Chairman and CEO of Piaggio Vehicles.

 

He expects that EVs would account for 37%-40% of three-wheeler sector volumes by 2026.

 

The three-wheeler manufacturer offers products in the freight and passenger markets in petrol, diesel, CNG, LPG, and electric. Currently, the country has 350 ICE and 117 EV three-wheeler dealerships. It now plans to expand its EV network to 408 cities by next year.

 

The business intends to increase its export markets and make India a centre for its electric three-wheelers in the future calendar year. It is considering markets such as ASEAN, with a concentration on the Philippines and Indonesia, SAARC, which includes Sri Lanka, Nepal, and Bangladesh, AFRICA, which includes Kenya, Egypt, and South Africa, and West Africa, which includes Nigeria.

 

Piaggio already exports their ICE three-wheelers from India to more than 50 nations, including South East Asia, the Middle East, and Africa.

 

Piaggio Vehicles has also inked MoUs with EV companies such as SUN Mobility, Three Wheels United, Zyngo, City Link, Amplus Solar, Magenta Mobility, MoEVing, and MBSI to supply 24,000 commercial EVs across India in phases by 2023.

 

Graffi forecasts domestic three-wheeler sales in the region of 4 lakh to 4.5 lakh units by FY24. Sales volumes for the current fiscal year (YTD) stood at 2.96 lakh units between April and November 2022, compared to 1.49 lakh units in the same time previous year.

 

When asked if Piaggio views itself as being the largest three wheeler producer in the Indian market in the next three years, the company's CMD responded, "In India, we are one of the Top 3 ICE OEMs. Hopefully, the entire industry will increase in size, and we will grow alongside it.