Eicher Motors, Polaris Industries together have rolled out the first vehicle called Multix from their joint venture called Eicher Polaris. Multix is a 5-seater PUV or personal utility vehicle, priced at Rs 2.32 lakh (ex-showroom Jaipur).
The Eicher Motors stock on Thursday rose over 2 per cent to Rs 19,688. At 1:14 pm it was trading over 1 per cent at Rs 19,525, outperforming the broader Nifty and the Sensex.
Eicher Polaris is a 50:50 joint venture between Eicher Motors and US-based Polaris Industries.
Multix is being positioned by the company as a vehicle for business as well as personal use.
Analysts, however, say that it is essentially an LCV or a light commercial vehicle.
Analysts say at the current capacity that the company has in Jaipur, it would garner revenues of about Rs 1200 crore on an annual basis. The Jaipur plant has an annual capacity of producing 60,000 units.
Multix will initially be launched in 30 cities. "It will be available for test ride in July and deliveries will start in August," Eicher Polaris CEO Radhesh C Verma said.