Mahindra & Mahindra is planning to enter the domestic motorcycle market by end of this year, a company official said.
“We have achieved a milestone by selling one lakh scooters in just 10 months as against a set target of 18 months. Our plan now is to enter the motor-cycle market by end-this year, Mahindra two wheeler President Anoop Mathur said in Mumbai. We are working on a unique product that will be assembled in the same plant where our scooters are manufactured,” he added.
M&M is designing the motorcycle at its Italy based Engines Engineering, which it acquired in 2008. The company is also planning to double its scooter sales from one lakh to two lakh by December 2010.
“What we have achieved in 10 months, we would like to achieve in the next five months. We plan to sell another one lakh scooters in the next five months,” he said. The company saw a 329 per cent jump in its two wheeler sales in July at 12,033 as against 2,808 units the same month a year ago.
The Mahindra group had bought 11 per cent stake in Kinetic Motor two years ago to gain an entry into the two-wheeler segment. The company sees more potential in rural markets in India and plans to significantly increase its dealership network in Tier II and III destinations.
M&M currently exports two wheelers to Bangladesh, Nepal and Sri Lanka, and plans to expand in other countries in the coming days.