Piaggio Reports 2011 Results

Thu, 23 Feb 2012

The Piaggio Group reported a 9.8% increase in net income in 2011 thanks to rising demand for scooters and increased sales in Asia.

According to Piaggio‘s annual fiscal report, the Italian company made a profit of 47.0 million (US$62.6 million) in 2011, compared to a net profit of 42.8 million euros in 2010. Net sales reached 1.52 billion euros (US$2.02 billion) in 2011, a year-on-year increase of 2.1% from the 1.49 billion euros reported in 2010.

Motorcycle sales totaled 38,300 units, a 4.0% decrease from the 39,900 units sold in 2010. Scooter sales however increased 6.1% to 376,700 units from 355,100 units. Piaggio’s commercial vehicle division also saw a 2.1% increase to 238,300 units from 233,400 units.

Asian two-wheeled vehicle sales saw tremendous growth in 2011, increasing 75.9% to 104,800 units from 59,500 units. Vietnam, where Piaggio began producing units in 2009, saw a 31% growth in scooter sales while India saw a 22% increase.

Piaggio also reported sales of 10,300 scooters in the U.S. in 2011, a 63.8% increase from 6,288 scooters in 2010. Piaggio claims it now holds a 30% share of the U.S. scooter market, up from 27.1% last year.

European sales results seemed to be split geographically. Piaggio reported growth in northern European countries but those gains were overshadowed by decreasing sales in Italy and Spain. Overall, Piaggio fared better than other manufacturers in Europe, increasing its industry leading share of the scooter market to 27.6%.

Looking ahead to 2012, Piaggio expects to take a large chunk of India’s scooter market with the launch of its Vespa brand in April. As previously reported, Piaggio plans to introduce a new generation of engines claiming lower emissions and improved fuel economy. Moto Guzzi is already beginning to introduce a new engine to its V7 lineup.

[Source: Piaggio]

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By Dennis Chung