|
17th
May 2007
BAJAJ
RELEASE DIRECT INJECTION AUTORICKSHAW INTO THE INDIA MARKET
PERTH,
AUSTRALIA:
Orbital Corporation Limited and Bajaj Auto Ltd, India (Bajaj) today
announced that Bajaj have started production of the Orbital equipped
direct injection Autorickshaw.
Earlier this year Bajaj released
a number of test vehicles into the local Pune market to complete
the assessment and validation of this new product using real world
operating conditions. The 2-stroke Direct Injection (DI) 3 wheeler
received good response from the market due to the greatly improved
fuel efficiency, superior performance and features like "self
start". As a result of the positive feedback received Bajaj
have started production of this new Autorickshaw. The new model
will initially be released into the local Pune market, with a staged
release of the DI vehicles to other identified cities of India.
"The positive feedback from our customers
was a key part of the DI product confirmation testing," commented
Bajaj's Managing Director, Mr. Rajiv Bajaj. "These first customers
have enjoyed a 30% fuel economy improvement and experienced significantly
improved driving characteristics."
"This product launch is a key step for
Orbital DI technology with its entry into a new and growing market
segment," said Orbital's CEO, Dr. Rod Houston. "The initial
volume ramp up will be slow as Bajaj continue to develop the market
pull for this product and manage the roll out to new dealers and
cities in the coming months. Although the volumes will start out
low this DI product will add to our royalty income and add to the
systems sales revenue of Synerject."
"Bajaj also expanded their Orbital technology
license in September 2006 to include CNG and LPG versions of this
product which also offer Orbital good opportunities for growth as
these products are now under development," added Rod Houston.
Forward
Looking Statements
This release includes forward-looking statements that involve risks
and uncertainties. These forward-looking statements are based upon
management's expectations and beliefs concerning future events.
Forward-looking statements are necessarily subject to risks, uncertainties
and other factors, many of which are outside the control of the
Company, that could cause actual results to differ materially from
such statements. Actual results and events may differ significantly
from those projected in the forward-looking statements as a result
of a number of factors including, but not limited to, those detailed
from time to time in the Company's Form 20-F filings with the US
Securities and Exchange Commission. Orbital makes no undertaking
to subsequently update or revise the forward-looking statements
made in this release to reflect events or circumstances after the
date of this release.
|
