Ltd (EPPL) with US-based Polaris Industries Inc.as sales of its personal utility vehicle Multix dropped to unsustainable levels. But due to the poor sales Eicher and Polaris have made a decision to discontinue the Multix in India. Eicher said this in regulatory filings to the Bombay Stock Exchange, and also put out a press release detailing the shutdown of the Eicher-Polaris operation.
The JV was incorporated in 2012 and its only product, Multix, was launched in 2015 from a manufacturing capacity established on the outskirts of Jaipur, Rajasthan. After initial interest, sales could not be sustained in the subsequent years.
Eicher Motors is shutting down its personal utility vehicle division with immediate effect, which it had set up as an equal joint venture with American firm Polaris. The company further stated that despite several initiatives, Multix sales could not be revived, and as a result the company has chose to pull the plug. 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.
As part of the winding down process, the company will engage all it stakeholders (customers, suppliers, employees and channel partners) to implement the closure.
As per the law, Eicher Polaris will continue to provide sales and service support to existing owners of the Multix. It acted as power generator courtesy of X-Port power take-off unit that helped in generating 3 kW of electricity.
It was powered by a 510cc, single cylinder diesel engine with peak power of 9.8 Bhp coming at 3,000 rpm while a peak torque of 27.1 Nm was generated between 1,400 and 2,200 rpm.
The end of this agreement means that Multix will no more be manufactured and it will be discontinued in the country.