Piaggio Group’s sales, earnings outlined for 2009
March 9, 2010
Filed under Features
The Piaggio Group’s two-wheel business declined nearly 10 percent in 2009, but the company did report improved net income, according to its latest earnings report.
The Italian manufacturer, which also sells three- and four-wheel commercial vehicles, sold 410,000 two-wheel vehicles worldwide in 2009. The company’s sales, in terms of total revenue, decreased 17 percent in Europe. However, in terms of market share, the company saw improvement as it now has 20 percent market share in Europe.
The company’s annual report did not cite North American sales figures.
Overall, the company’s net income rose to $64.4 million, a 9 percent increase over a year ago.
The Piaggio Group’s earning report noted the company will concentrate this year on development and new investments, including the building of new diesel engines at a new production site in India.