HANOI - Manufacturers Italian two-wheeled vehicles, Piaggio, more aggressively focus on its business in Asia. For that, until 2014, Piaggio's revenue target through is 1 billion euro
According Motorcyclenews yesterday, Piaggio's first effort to realize this target is to improve production capacity in Vietnam to triple from 100,000 units to 300,000 units per year as well as expand the plant.
According Motorcyclenews yesterday, Piaggio's first effort to realize this target is to improve production capacity in Vietnam to triple from 100,000 units to 300,000 units per year as well as expand the plant.
In this region, Piaggio will also establish a new engine plant with a capacity of 250,000 units per year and the central research and development (R & D) in order to develop a new engine is more efficient and environmentally friendly.
Piaggio also will begin to operate the plant near Hanoi, Vietnam.Since June 2009, Piaggio had recorded a net profit of up to three-fold to 133.2 million euros in 2010 from the position of 2008 that is only 45.2 million euros. Growth in sales of motorcycles in Vietnam is a boon to the Italian brand.
"Now this is an important time for the group. We strengthen the foundation to become one of Italy's major players in Asia," said Roberto Colaninno, Chairman and Chief Executive Officer of the Piaggio Group.
Piaggio has set aside 150 million euros for investment in Asia between 2011 and 2014. Of these funds, 30 million euros has already been spent in Vietnam and there will be an additional 60 million euros next. The remaining 90 million euros will be immersed in India, to build a new plant.
Now the prospective investment will be into Indonesia. Piaggio has come to friendly Indonesia and intends to widespread only products that are assembled in Vietnam from mid-2011.
