New Delhi: Honda Motorcycle & Scooter India (HMSI) on Friday launched 110cc bike Livo taking the battle to leader and erstwhile partner Hero MotoCorp in the entry level motorcycle segment, which constitutes the biggest part of the two-wheeler market.
Livo, its fourth model in the segment is priced up to Rs 55,489 (ex-showroom Delhi).
The company at present sells three Dream series models in the 110cc segment, including Dream Yuga. Market leader Hero MotoCorp on the other hand sells six models in the segment.
"Livo is the curtain raiser of Honda's aggressive pace of new and exciting motorcycle model line up for India," HMSI President and CEO Keita Muramatsu told reporters here.
The company will deliver on the promise of 15 new products in India this year, he added.
Highlighting the significance of the new model in the company's bid to make a bigger presence in the entry level segment, HMSI Senior Vice President Sales and Marketing, Y S Guleria said: "Livo is developed keeping in mind the very start of motorcycling -- that's the 100-110cc displacement segment -- which is often the first bike of majority of people in India."
There is still a big demand from aspirational youth and "it is a sweet spot for us". The segment comprises about 42 per cent of the Indian two-wheeler market and a significant presence there is a must, he added.
Two-wheeler sales in India in June stood at 13,07,710 units.
In 2012, HMSI had entered the entry level bike segment with Dream Yuga. It gradually built up its market share to about 8 per cent but had dropped recently.
As per SIAM data, Hero MotoCorp had over 71.26 per cent market share in the entry level segment in April-June quarter this fiscal with 12,53,594 as against HMSI's 1,02,728 units with a market share of 5.83 per cent. The overall industry sales of the segment was at 17,59,153 units.
"It is not so easy to enter this segment and it will take time but we are confident of making our presence felt through new products and network expansion. Last year we added 1,000 touch points and we will be adding 800 this year in tier II and III cities," Guleria said.
HMSI plans to target youth, comprising students, executives and young entrepreneurs with the 110cc Livo.
The bike would be available in two variants priced at Rs 52,989 and Rs 55, 489 (ex-showroom Delhi).
Meanwhile, the company has stopped manufacturing its CB Twister model, Guleria said. "We won't be manufacturing CB Twister anymore," he added.