Piaggio Group releases 2017 full year financial results
The Piaggio Group released its 2017 full year financial results, revealing mixed trends across the globe.
Overall, western countries demand ended slightly down, as compared to the prior year. The negative trend continued in North America, with scooter declining for the fifth consecutive year, ending down by about 7 percent.
European two-wheeler demand ended flat, although it improved throughout the period. The improving scooter trend accelerated in Q4, leading to approximately a 3 percent growth, as a result of diverging dynamics: 50cc ended up by about 24 percent, also benefiting from the upcoming shift from EURO2 to EURO4 engines, while over 50cc ended down. Benelux and France, both strongly up in Q4, drove the growth, followed by Italy. Spain and Germany, on there other hand, ended down, while the United Kingdom plummeted.
In the Asia-Pacific region, positive demands strengthened throughout the year. Vietnam posted another year of healthy growth, underpinned by scooters up 14 percent. Asia as a whole and Vietnam kept posting robust growth across the year, apart from Indonesia, the lone major market to end flat.
India’s upward trend accelerated across all segments as the year progressed. Three wheelers ended flat, after a strong rebound in the latter part of the year up 25 percent, helped by easy comparison base coupled with the release of new licenses, namely in Mumbai. Two wheelers confirmed the long-lasting strong momentum, with Scooters ending up by about 4 percent, thus topping 6.4m units in 2017.
