South Korean two-wheeler maker S&T Motors on Wednesday launched two Hyosung branded premium bikes for the Indian market priced between Rs.4.75 lakh and Rs.5.69 lakh (ex-showroom, Delhi).
“India is really moving in the right direction and so we are here. It is the right time and right place for us,” S&T Motors President and CEO Taekwon Kim told reporters here.
The company unveiled its sports bike GT650R, powered by a 650cc engine, in two options for Rs.4.75 lakh and Rs.4.90 lakh. It has also rolled out a 700cc cruise bike, ST7, for Rs.5.69 lakh.
This is the second entry for the Hyosung brand in India. In 2004, the company, then known as Hyosung, had made foray into the Indian market under a different management.
In 2007, Hyosung Motors Division was acquired by the S&T Group, which has retained the brand Hyosung.
For its latest Indian venture, S&T Motors has formed a partnership with Garware Motors, which has invested Rs.20 crore to set up the assembly line at Wai in Maharashtra with a production capacity of 8-10 bikes every day on a single shift.
Garware Motors is at present discussing with the overseas firm to form a joint venture for the Indian market so that it can receive the technology to produce a completely local bike. “We are discussing with S&T to set up a full-fledged manufacturing facility here. After this assembly line, the next step can be a paint shop and then finally to have an engine unit in India,” Garware Motors President, Shrikant Patankar said.
He said the company was exploring possibilities to move from a simple partnership agreement to a joint venture with S&T Motors in the coming days.
“To survive in this market, we have to bring in Hyosung's entire range of products to India. In the next 3-5 years, we are looking at launching all their products, including the mass market motorcycles and scooters, in India,” he added.
