MUMBAI, India – Piaggio launched its famous Vespa scooter in India Thursday.
The Italian company hopes to carve out a market for luxury scooters in one of the most cost-conscious markets in the world.
Piaggio is investing $50 million in a new factory, with plans to double capacity to 300,000 vehicles a year by 2013.
The Vespa LX will cost around 66,661 rupees ($1,282) in India, a 40 per cent premium to most scooters, but still the lowest sticker price for a Vespa in the world.
The model sells for about 3,000 euros ($3,960) in Europe.