A few years ago, parent company of Royal Enfield, Eicher, had teamed up with American auto maker Polaris for a JV to develop affordable vehicles in India. The JV resulted in the development of the Multix all-terrain vehicle. Unfortunately, though, the JV has been ended between the two companies and the Multix is no more. Eicher Polaris was incorporated in October 2012. In June 2015, the Company launched “Multix”, India’s first personal utility vehicle, purpose-built for the independent businessman. Given its unique positioning and differentiated product features, Multix initially generated significant interest from customers.
However, the initial interest could not be sustained and the subsequent sales performance was significantly slower than the Company’s expectations. Despite several initiatives, the Company’s performance could not be revived. Hence, the board of EPPL has concluded that in the present circumstances, it is in the best interest of all stakeholders to close the operations of the Company. In the coming days, the Company will engage with all its valued stakeholders including customers, suppliers, employees and channel partners to implement the closure. The Company will continue to provide spares and service support for the fleet of Multix vehicles on the road.
