New Delhi: Japanese two-wheeler maker Yamaha is working on a project to develop a small bike, which it aims to sell for around $500 (R30,000) in India, a top company official said on Monday.
The company however did not confirm any timeframe for the launch of the bike.
"The project is on. At this time we are not sure if the end product will cost $500, less or more. But we are working on the project keeping $500 as the benchmark price. We are trying our best," Yamaha Motor R&D India md Toshikazu Kobayashi told reporters.
This is an important segment that would help the company improve its market share in the country, he added.
When asked if the company would also like to take the product to overseas markets, Yamaha Motor India sales CEO and MD Asano Masaki said: "It is too early to comment as we don't know when it will be out but would like to add that India would be the first market for the product."
Yamaha currently has a negligible presence in the entry-level bike segment in India, but is strong in the 150 cc bike segment, where it sells arund 18,000 units per month.
On the company's plans regarding the 100-125 cc bike segment, Yamaha Motor India Sales vice-president, sales & marketing, Roy Kurian, said: "We are working on a top-down approach. We would first like to consolidate our position in the Deluxe segment (150cc) and the scooter vertical before venturing into other segments."