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auto | IST

Piaggio Vehicles to invest Rs 300 crore in India over the next three years, says Diego Graffi

Piaggio Vehicles, India's second largest three-wheeler manufacturer, is set to launch its first electric three-wheeler by the third quarter of this fiscal year. This would be the first EV three-wheeler developed and manufactured in India.
However, speaking to CNBC-TV18, Diego Graffi, MD and CEO of Piaggio Vehicles, said the EV infrastructure is still not ready and the firm will be cautious in making investments in the space.
"We have lined up investments worth more than Rs 300 crore in the next three years to reinforce and expand our penetration in the three-wheeler space in India. We still have a huge space for growth here. Out of the Rs 300 crore, only a small part so far has been dedicated to electric vehicles because this plan had been validated more than two years ago when hardly anybody was talking about electric mobility in India. However it is not only a matter of producing electric vehicles, but also about creating infrastructure and the eco-system to make these vehicles operational," Graffi noted.