Header Relazione


1st half of 2011 1st half of 2010 Change % Change
Volumes   Turnover Volumes Turnover Volumes Turnover Volumes Turnover
 Sell-in           Sell-in   
(units/000) (million euro) (units/000)  (million euro)
EMEA 6.8 52.8 7.6 61.7 -9.8% -14.4% (0.7) (8.9)
(of which Italy) 4.3 34.1 4.7 41.2 -8.8% -17.0% (0.4) (7.0)
America 0.5 1.0 0.1 0.3 759.7% 173.3% 0.5 0.6
India 111.4 197.6 100.4 176.8 11.0% 11.8% 11.0 20.8
Total 118.8 251.3 108.0 238.8 9.9% 5.2% 10.7 12.5
Ape 110.2 187.0 99.1 163.9 11.2% 14.1% 11.1 23.1
Porter 2.5 25.2 3.1 33.2 -18.4% -24.1% (0.6) (8.0)
Quargo 2.0 8.9 5.9 21.0 -66.5% -57.7% (3.9) (12.1)
Mini Truk 4.1 8.2 0.0 0.0 n.s. n.s. 4.1 8.2
Spare parts and Accessories 22.0 20.6 6.6% 0.0 1.4
Total 118.8 251.3 108.0 238.8 9.9% 5.2% 10.7 12.5

The Commercial Vehicles business includes three- and four-wheelers with a maximum mass below 3.5 tons (category N1 in Europe) designed for commercial and private use, and related spare parts and accessories.

Comments on main results and significant events of the sector

In the first half of 2011, the Commercial Vehicles business generated a turnover of approximately 251.3 million euro, including approximately 22.0 million euro relative to spare parts and accessories, registering a 5.2% increase over the previous year. The same trend also applies to units sold in the period, which amounted to 118,800 items, and an increase of 9.9%.

On the European + American market, the Piaggio Group sold 7,400 units in 2011, generating a net total turnover of 53.8 million euro, including spare parts and accessories for 10.5 million euro. The decrease compared to the same period of the previous year, equal to 200 units and to approximately 8.3 million euro turnover, is mainly due to the highly negative trend of the cab truck segment (0-2.5t) on main markets served which, going against the trend of the total LCV market in Europe, recorded a decrease of 28.9% in the first half of 2011. In relation to this trend, Piaggio, with its Porter and Porter Maxxi, limited the fall in sales to 18%. On the other hand, Ape increased its sales by 3% compared to 2010, reaching 4,189 units.

On the Indian three-wheeler market, which grew by around 13% compared to the previous year, Piaggio Vehicles Private Limited continued to maintain its role as a reference player and market leader, with a share of 38.3%. Sales of three wheelers went up from 95,045 units in the first half of 2010 to 106,028 in the first half of 2011, registering an increase of 11.56%, in line with the above mentioned market growth. Detailed analysis of the market shows that Piaggio Vehicles Private Limited consolidated its role as market leader in the cargo segment. Piaggio Vehicles Private Limited reached a 58.4% share (57.4% in 2010), due above all to the Piaggio Apé 501 and numerous possibilities for customisation. Its market share also remained steady in the Passenger segment, standing at 32.7% (35.6% in 2010). On the four-wheeler market, volumes sold by Piaggio Vehicles Private Limited in the first half of 2010 were basically steady, at 5,374 units. Export performance was particularly significant, with the number of units going up from 4,995 in the first half of 2010 to approximately 9,004 units in the first half of 2011.

Innovation and products in the first half of 2011

With the marketing of new Euro 5 engines in the first half of 2011, Piaggio's Commercial Vehicles Europe range has been completed. Production began on the new Piaggio P120 diesel engine (1200cc 2 cylinder, 8 valve, turbodiesel common rail direct injection engine, with EGR and DPF emission containment systems), and the GreenPower version (bifuel petrol + factory-fitted methane system).

In a year in which Italy celebrated the 150th anniversary of its unification, the Ape 50 150° Anniversario Unità d’Italia was launched, a special limited edition series with exclusive red and green interior, a livery sporting the Italian flag and official logo, chrome-plated mirrors and black rims with silver edge.


Investments for 11.2 million euro were made in the first half of 2011, most earmarked for the Diesel engine project and related installation activities for the Indian and European range.

In particular, development activities in India required investments for the installation of the Diesel engine on the Apé Truk and to expand production capacity for three-wheeler vehicles.

In Europe, product development investment activities involved the completion of installation of Diesel engines and “Multitech Eu.” Methane and Petrol engines on the Porter.