Automobiles
February 2018
9
| Auto Expo 2018
Automobile
Auto Expo 2018: Action in 125cc scooters and EVs
No big new launch in PVs
We attended Auto Expo 2018 held at Greater Noida, NCR. While there were no
major new launches in PVs, the 2W segment witnessed several launches in 125cc
scooters and the premium segment. Also, on expected lines, there was high focus
on EVs in all the segments, with several concepts on display and few launches as
well. Key highlights:
No major new launches in 4Ws:
In PVs, no major new launch was announced
except MSIL’s new Swift, which has already touched bookings of ~40k units and
waiting period of 8-10 weeks. Honda has launched new Amaze, new CR-V, and
new Civic while Toyota has launched Yaris in the mid size sedan segment. M&M
showcased G4 Rexton in the premium SUV segment under the Mahindra badge
while Tata Motors showcased H5X concept (expected launch by 4QFY19; to
compete with Hyundai’s Creta and M&M’s XUV 500) in the mid-SUV segment.
High focus on 125cc scooters and premium motorcycles:
In 2Ws, rising OEM
focus on the 125cc scooter segment was visible, with five new product launches
– TVS’ NTORQ 125, Hero’s Duet 125 and Maestro Edge 125, Suzuki’s Burgman
maxi-scooter and Piaggio Aprillia SR125. The premium motorcycle segment
witnessed further heating up of competition, with HMCL launching xPulse 200
and HMSI unveiling its third 160cc bike, X-Blade, which will be competing with
Bajaj Pulsar 160, Suzuki Gixxer and TVS Apache.
EVs – several concepts, a few launches:
As expected, there was high focus on
EVs across segments, with a slew of concepts unveiled in the PV and 2W
segments. 2W EV start-up, Twenty Two Motors launched lithium-ion based BEV
scooter, Flow at INR74,740 (post subsidy). Mahindra showcased its production-
ready eKUV100 apart from eVerito and e2o plus, which will further strengthen
its position to ride the EV wave. Ashok Leyland unveiled its first electric bus,
Circuit S, powered with Sun Mobility's Swappable Smart Battery.
Mahindra to strengthen EV presence through MESMA, a 380-volt powertrain:
M&M unveiled a range of electric vehicles (EVs) and of significant interest
among these was a preview of MESMA (Mahindra Electric Scalable Modular
Architecture). It’s a flexible platform and will be used to develop EVs – from
hatchbacks to SUVs. It showed concepts of lithium-ion battery powered three-
wheeler – Treo (e-Auto - 1st in India) and Atom – as a part of urban mobility
solutions.
TVS Motors showcased interesting concepts like Zeppelin – a premium 200cc
cruiser, Apache RTR – an ethanol-based concept, and CREON, an e-scooter
concept along with recent launch of NTORQ 125cc scooter.
Royal Enfield – competition gearing up: UM launched two cruiser bikes,
Renegade Duty S and Renegade Duty Ace at competitive price of INR110k (ex-
showroom Delhi). It also launched its first electric cruiser, Renegade Thor with a
price tag of INR490k (ex-showroom Delhi). Also, TVSL's Zeppelin concept is
aimed at cruiser segment.
Jinesh Gandhi – Research Analyst
(Jinesh@MotilalOswal.com); +91 22 6129 1524
Deep A Shah – Research Analyst
(Deep.S@MotilalOswal.com);
Suneeta Kamath – Research Analyst
(Suneeta.Kamath@MotilalOswal.com)
9 February 2018
1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
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