It was a very ambitious project when launched, but things haven’t worked as planned. Eicher Motors Limited today announced the closure of their joint venture with US-based Polaris Industries Inc.. Eicher Polaris Private Limited has shut down with immediate effect, and hence, the Multix will be discontinued.
EPPL was founded in 2012, and their first product, the Multix was launched in 2015. The Multix was the countries first personal utility vehicle with purpose-built functionalities. Although it got a decent response during the launch phase, the Multix failed to find buyers making it a very unsustainable project. Even though the brand tried various initiatives to increase sales, nothing worked in its favour.
It is being said that customers, suppliers, employees, channel partners and stakeholders will be well thought about during this closure. Also, spares & service support for the Multix customers already on the road will be taken care of.
Eicher had invested around INR 289.50 crore in EPPL as of December 31, 2017. EPPL continued to make looses and had reached a point where reviving sales or any other strategy was not possible.