R.I.P. Eicher Polaris Multix

Eicher Motors and US-based Polaris Industries have decided to end their joint venture (JV) and shut down the operations of Eicher Polaris Private Limited (EPPL) with immediate effect. The decision was taken during a board meeting held on March 9, 2018. 

Eicher Polaris Private Limited was incorporated in October 2012. The Multix personal utility vehicle, which was launched in June 2015, was the company's first offering. It has now been discontinued. However, the company will continue to provide spares and service support to all Multix owners.

According to the company, the Multix had received a positive response from customers initially. However, subsequently, sales of the vehicle slowed down. As a result, by the end of FY 2016-17, EPPL had incurred a net loss of Rs. 91.83 crore. 50% of the net loss was consolidated with the Profit After Tax of Eicher Motor Limited, which had invested Rs. 289.50 crore in EPPL.