Eicher Polaris Pvt. Ltd., a 50:50 joint venture between Eicher Motors Ltd and Polaris Industries Inc., announced the launch of Multix – India's First Personal Utility Vehicle today, thereby creating a new category in the automotive segment. Multix is specially designed for Independent Businessmen, having an estimated population of 5.8 crores in India. Purpose-built, specially designed and powered by a reliable diesel engine, Multix will be available in two variants and four colors, starting at a price of Rs. 232,850/ - (ex-showroom Jaipur).
With versatility at its heart, Multix offers the unique power of extreme adaptability to the consumer. Multix has a generous cabin space that can comfortably seat a family of five along with luggage, Multix can be adapted to create large storage space of 1918 liters. Multix is equipped with X-PORT ™ - a unique power-take-off point, which can generate power of up to 3 KW that can be used for lighting homes and powering professional equipment such as drilling machines, DJ systems, water pumps and more.
Speaking at the launch of Multix, Siddhartha Lal, Managing Director & CEO, Eicher Motors Ltd., said, "We have identified a large untapped segment in Independent Businessmen with an estimated population of 5.8 crores in India, and are committed to create a new and strongly differentiated automotive solution for them through Multix. Our aim is to equip the consumers with the Multix ecosystem and enable them to unlock their potential by accessing a world of new opportunities. We have made an investment of Rs. 350 cr till date."
Commenting about the partnership and the vehicle, Mike Dougherty, Vice President, Asia Pacific & Latin America, Polaris Industries Inc., said, "When we came together to form Eicher Polaris Pvt. Ltd., we wanted to build on the synergies of our core competencies in order to bring a valuable and effective automotive solution to India. With Eicher Motors Ltd.'s understanding of the Indian market, their expertise in lean engineering platforms, and Polaris Industries Inc.'s capabilities in product innovation and category creation, we believe that Eicher Polaris Pvt. Ltd. is most uniquely positioned to achieve this and bring about a paradigm shift in automobiles for India".
Multix is a differentiated vehicle, built ground-up through extensive consumer study. It is equipped with first-of-its-kind Pro Ride™ – Independent suspension system, which coupled with its best in class ground clearance of 225mm, delivers unmatched riding experience on all kinds of roads and giving a mileage of 28.45 kmpl.
Multix has a unique tubular frame structure and Roll-Over Protection System (ROPS) that provides structural stability and reinforced safety. The vehicle delivers superior energy efficiency & durability through its Flexituff™ body.
Commenting on the launch of the company's first vehicle, Radhesh C Verma, Chief Executive Officer, Eicher Polaris Pvt. Ltd. said, "Multix is a true ground up innovation. We have looked at every aspect of value proposition delivery, whether it is the vehicle, its accessory system, the retail experience or service thereafter, and have challenged set norms. We have a solution which resonates very well with consumers and we are certain of driving disruptive growth. Multix will be launched in 30 cities to start with. It will be available for test ride in July and deliveries will start in August."
Multix has undergone over 18,00,000 km equivalent of rigorous testing for off-road reliability, safety & durability. It has been tested on one of the world's toughest testing tracks in USA with torture track ratio of 14:1, as well as in India on specially built test tracks.
Eicher Polaris Pvt. Ltd. has made an investment of Rs.350 crores towards product development and setting up a worldclass manufacturing facility with state-of-the-art technology at Jaipur, Rajasthan. The plant has an annual capacity of 60,000 units which can be scaled up to 1,20,000 units. The facility is also equipped with robotic weld lines and in-house paint system.
Shares of EICHER MOTORS LTD. was last trading in BSE at Rs.19482.2 as compared to the previous close of Rs. 19297.45. The total number of shares traded during the day was 8920 in over 3405 trades.
The stock hit an intraday high of Rs. 19675.8 and intraday low of 19301. The net turnover during the day was Rs. 174041733.