Case Study: Bajaj Auto Limited – Transformation of a Giant Group Members Syed Golam Gaous Soumodeep Mitra Subha

Rudra Tanmoy Dutta Sayak Ghosh Roll No. 58 47 51 67 66

ISBE SA-2

History , development and growth of Bajaj Auto Ltd

Bajaj Auto Limited is India's largest manufacturer of scooters and motorcycles. The company generally has lagged behind its Japanese rivals in technology, but has invested heavily to catch up. Its strong suit is high-volume production; it is the lowest-cost scooter maker in the world. Although publicly owned, the company has been controlled by the Bajaj family since its founding. The Bajaj Group was formed in the first days of India's independence from Britain. Its founder, Jamnalal Bajaj, had been a follower of Mahatma Gandhi, who reportedly referred to him as a fifth son. 'Whenever I spoke of wealthy men becoming the trustees of their wealth for the common good I always had this merchant prince principally in mind,' said the Mahatma after Jamnalal's death.

Jamnalal Bajaj

Jamnalal Bajaj was succeeded by his eldest son, 27-year-old Kamalnayan, in 1942. Kamalnayan, however, was preoccupied with India's struggle for independence. After this was achieved, in 1947, Kamalnayan consolidated and diversified the group, branching into cement, ayurvedic medicines, electrical equipment, and appliances, as well as scooters. The precursor to Bajaj Auto had been formed on November 29, 1945 as M/s Bachraj Trading Ltd. It began selling imported two- and three-wheeled vehicles in 1948 and obtained a manufacturing license from the government 11 years later. The next year, 1960, Bajaj Auto became a public limited company. Rahul Bajaj reportedly adored the famous Vespa scooters made by Piaggio of Italy. In 1960, at the age of 22, he became the Indian licensee for the make; Bajaj Auto began producing its first two-wheelers the next year.

Rahul Bajaj became the group's chief executive officer in 1968 after first picking up an MBA at Harvard. He lived next to the factory in Pune, an industrial city three hours' drive from Bombay. The company had an annual turnover of Rs 72 million at the time. By 1970, the company had produced 100,000 vehicles. The oil crisis soon drove cars off the roads in favor of two-wheelers, much cheaper to buy and many times more fuel-efficient.

Rahul Bajaj

A number of new models were introduced in the 1970s, including the three-wheeler goods carrier and Bajaj Chetak early in the decade and the Bajaj Super and three-wheeled, rear engine Autorickshaw in 1976 and 1977. Bajaj Auto produced 100,000 vehicles in the 1976-77 fiscal year alone. The technical collaboration agreement with Piaggio of Italy expired in 1977. Afterward, Piaggio, maker of the Vespa brand of scooters, filed patent infringement suits to block Bajaj scooter sales in the United States, United Kingdom, West Germany, and Hong Kong. Bajaj's scooter exports plummeted from Rs 133.2 million in 1980-81 to Rs 52 million ($5.4 million) in 1981-82, although total revenues rose five percent to Rs 1.16 billion. Pretax profits were cut in half, to Rs 63 million. New Competition in the 1980s Japanese and Italian scooter companies began entering the Indian market in the early 1980s. Although some boasted superior technology and flashier brands, Bajaj Auto had built up several advantages in the previous decades. Its customers liked the durability of the product and the ready availability of maintenance; the company's distributors permeated the country. The Bajaj M-50 debuted in 1981. The new fuel-efficient, 50cc motorcycle was immediately successful, and the company aimed to be able to make 60,000 of them a year by 1985. Capacity was the most important constraint for the Indian motorcycle industry. Although the country's total production rose from 262,000 vehicles in 1976 to 600,000 in 1982, companies like rival Lohia Machines had difficulty meeting demand. Bajaj Auto's advance orders for one of its new mini-motorcycles amounted to $57 million. Work on a new plant at Waluj, Aurangabad commenced in January 1984. The 1986-87 fiscal year saw the introduction of the Bajaj M-80 and the Kawasaki Bajaj KB100 motorcycles. The company was making 500,000 vehicles a year at this point. The Bajaj Sunny was launched in 1990; the Kawasaki Bajaj 4S Champion followed a year later. About this time, the Indian government was initiating a program of market liberalization, doing away with the old 'license raj' system, which limited the amount of investment any one company could make in a particular industry.

A possible joint venture with Piaggio was discussed in 1993 but aborted. Rahul Bajaj told the Financial Times that his company was too large to be considered a potential collaborator by Japanese firms. It was hoping to increase its exports, which then amounted to just five percent of sales. The company began by shipping a few thousand vehicles a year to neighboring Sri Lanka and Bangladesh, but soon was reaching markets in Europe, Latin America, Africa, and West Asia. Its domestic market share, barely less than 50 percent, was slowly slipping. By 1994, Bajaj also was contemplating high-volume, low-cost car manufacture. Several of Bajaj's rivals were looking at this market as well, which was being rapidly liberalized by the Indian government. Bajaj Auto produced one million vehicles in the 1994-95 fiscal year. The company was the world's fourth largest manufacturer of two-wheelers, behind Japan's Honda, Suzuki, and Kawasaki. New models included the Bajaj Classic and the Bajaj Super Excel. Bajaj also signed development agreements with two Japanese engineering firms, Kubota and Tokyo R & D. Bajaj's most popular models cost about Rs 20,000. 'You just can't beat a Bajaj,' stated the company's marketing slogan.

Key Dates in bajaj History
• • • • • • • • • • • • • • • • • •

1971 - three-wheeler goods carrier 1972 - Bajaj Chetak 1976 - Bajaj Super 1977 - Rear engine Autorickshaw 1981 - Bajaj M-50 1986 - Bajaj M-80, Kawasaki Bajaj KB100 1990 - Bajaj Sunny 1994 - Bajaj Classic 1995 - Bajaj Super Excel 1997 - Kawasaki Bajaj Boxer, Rear Engine Diesel Autorickshaw 1998 - Kawasaki Bajaj Caliber, Legend(India's first four-stroke scooter) 2000 - Bajaj Saffire 2001 - Eliminator, Pulsar 2003 - Caliber115, Bajaj Wind 125, Bajaj Pulsar 2004 - Bajaj CT 100, New Bajaj Chetak 4-stroke with Wonder Gear, Bajaj Discover DTS-i 2005 - Bajaj Wave, Bajaj Avenger, Bajaj Discover 2006 - Bajaj Platina 2007 - Bajaj Pulsar-200

Present Market competitor of Bajaj Auto’s in different segments The main competitors of Bajaj two wheeler in the market are Hero Honda and TVS. In case of motorcycle the market is divided in different segments. Here segmentation is generally done in the basis of price, engine power, features etc. Typically in Indian market there are segments comprising of 100cc, 100-125cc, 150-180cc, 180cc and above. Bajaj motorcycle in 100cc segments and its competitors Bajaj Platina: - Bajaj Platina is a new 100cc bike from Bajaj Auto Ltd. with a mileage of 70 km on road conditions. The bike is equipped with exclusive streak design side panels and with sleeker rear panels. It is a budget bike in two variants, complimenting the existing CT 100 model from the company in the lower segment of the bike market. Some of the important features are 1. Superior engine performance for practical riding condition.
Bajaj platina

2. World first SNS (spring N spring) rear suspension with the longest travel in its class of 100mm 3. Priced around Rs 34000-36000.

Bajaj Sonic:- It is a 100cc bike segment with robust look and cool style. Distinct features of Sonic are 1. DTS-I twin plug technology with exhaust TEC and direct fuel injection 2. Disc brake and electric start. 3. Alloy wheels and integrated headlight and instrument cluster
Bajaj Sonic

4. Priced around Rs 35000- Rs 40000.

Main competitors in this segment are Hero Honda Passion Plus:- It is a 100cc bike from Hero Honda wit all new impressive design with host of safety features. It has a 12.8 lt engine and priced around Rs 42,000.

Hero Honda Splendor Plus:- It is a specialized bike for office goers having impressive design and styling. Priced at around Rs 40,650 and having high mileage and low maintenance cost are the special weapon of this bike . TVS Centra:- Launched with the latest VTI( Variable timing intelligent) engine technology with 7.5 bhp, 11 lts engine and priced around Rs 33,000- 37,000. Bajaj Bikes in 125 cc segment Bajaj Discover DTSi :- Discover is a bike with latest features. The base model is 112cc and DTSi is 125cc. The 112 cc gives the rider the best mileage of 101 kmpl. Comprised of athletic, lean and muscular styling , disc brakes and electric start , microprocessor controlled digital system makes it a distinct in this segment.

Discover DTSi

Bajaj Wind :- Powered with the state of the art 125cc K-TEC engine technology, wind produces the strong output of 10.8 bhp with torque 9.8Nm @ 7000rpm. With efficient braking system Bajaj Wind priced at Rs 50000 advertised as a WORLD BIKE.

Bajaj Wind

Bajaj XCD-125:- With all new “Digital Twin Spark- Swirl induction” engine for better fuel efficiency bajaj XCD priced at Rs 41000 with a 8 litres engine and 9.53 ps @ 7000 rpm, it is totally targeted to the middle class segment of the country.

Bajaj XCD 125

Competitors of Bajaj in this segment:Hero Honda Glamour-This is one of the top competitor of Bajaj in this segment. The “Quantum Core” engine complimented with astonishing looks. Honda Shine:- Another important competitor in this segment with engine named as OPTIMAX helps to maintain optimum input for maximum output. Honda CBF Stunner, Suzuki Zeus, Suzuki heat, TVS Flame, Yahama Gladitor, TVS Victor New GLX 125 are some of the competitor of Bajaj in this segment.

Bajaj Motorcycle in 150cc – 180cc segment Bajaj Pulsar DTSi – Bajaj Pulsar is available in both 150cc-180cc segment. Bajaj pulsar has been one of the star performing bike for Bajaj in the market. It has changed the whole market scenario from its launch time. With Digital odometer, digital speedometer, Digital fuel gauge and two digital trip meter contributes to enhanced riding comfort. Its is the first bike in India with large 33mm front fork for better shock absorb. Tubeless tyres, constant velocity carburetor for high level of performance and aerodynamic design are a total package from Bajaj.

Bajaj Pulsar

Bajaj Avenger:180 cc- With the punch line “feel like God” Avenger with a dynamic cruiser look, linear and smooth power delivery is truly a great bike to have. It comes with the DTSi engine an incorporates the ExausTEC for better low end torque. Priced around Rs 60000 gives a total cruising experience. Bajaj Avenger

Some of the competitors of Bajaj Motorcycles are:Competitors of Bajaj Auto Ltd in this segment are Hero Honda Achiever Hero Honda CBZ Xtreme Hero Honda Hunk Honda Unicorn TVS Apache RTR 160 TVS 180 RTR Menance Yahama FZ 16 So it can be easily said that this segment is very competitive in Indian Market Scenario. Most of the automobiles players target this segment.

Bajaj Motorcycle in 200cc and above segment: Bikes in and above 200cc in India are few but the market of this segment is growing up fast. Bajaj also introduced its 200cc and above variants to tap this segment of the market Bajaj Pulsar DTSi 200cc and 220cc :- Its is the extension of Pulsar in to the segment of 200 and 220 cc segment , equipped with some of the high end technology such as digital twin spark fuel spark injection,front and rear disc brake etc is a tailor made high adrenaline rushing package. It is to noted that Bajaj is going to launch its 250cc and 300cc of Pulsar, which will open up new avenues in this segment. Also Bajaj along with Kawasaki is going to launch the world famous Ninja in 250cc Some of the competitors in this segment are Hero Honda Karizma- Hero Honda Karizma is one of the main and foremost competitor of Bajaj in this segment. Kinetic Comet Royal Enfield Thunderbird
Bajaj Pulsar 220

Apart from this Bajaj has also few scooter Variants in its armory such as

Bajaj Kristal DTSi in 99cc segment, Bajaj Wave. Competitor in scooter segments are:Honda Activa. Honda Eterno. Hero Honda Pleasure. Kinetic Blaze.

Bajaj had also launched few three wheelers such as In the three wheeler segment Bajaj Auto Ltd has 2 different category 1. Goods Carrier Vehicle. 2. Public Carrier Vehicle. Goods Carrier Vehicle Bajaj GC Max:- This is one of the good carrier vehicle by Bajaj.

Public Carrier Vehicle In the Bajaj Passenger Carrier vehicles segment there are RE 2S, RE 2S CNG, RE LPG, RE 4S CNG, RE DIESEL, RE GDI and MEGA MAX.

INTERNAL FACTORS: SWOT Analysis: Now we will analyze the positioning of Bajaj Auto Ltd (BAL) in the current market set up, evaluating its strengths, weaknesses, threats and opportunities available. STRENGTHS: 1) Highly experienced and devoted management. 2) A combination of sales effectiveness — getting the right products out — and manufacturing efficiency including cost reductions. 3) Huge customer support and loyalty. 4) Technological capability with the introduction of the revolutionary Digital Twin Spark Ignition (DTSi) technology. 5) Extensive R & D focus to improve design. 6) High export to domestic sales ratio. 7) Total Productive Maintenance is implemented in order to improve plants and enhance utilization of resources. 8) An enviable distribution and service network. 9) Introduction of new variety at lower costs. 10) Great financial support for financing the automobile, the uniqueness of the scheme is added benefit of “free extended warranty” on every Bajaj Motorcycle finance by Bajaj Auto Finance. 11) Presence in every segments of two wheelers and three wheelers as well. 12) High economies of scope. 13) High economies of scale. 14) Has high market share in scooter segment which helps it to get into the foray in motorcycle segment. 15) Has strong marketing campaign.

WEAKNESS: 1) Has not utilized the excess cash for long. 2) Not a globally known brand like its partner Kawasaki.

3) Still not able to give competition to Hero Honda’s Splendor and Hero Honda Passion in commuter segment. 4) Stands to lose in entry level segment and not got expected feedback in gain in its 125cc and above bike segments. 5) Not a global player in spite of its huge volumes and cash flow. 6) Dependent on foreign counterpart for technological support.

EXTERNAL FACTORS: OPPORTUNITIES: 1) Exposure can be enhanced either on the evidence of a pick-up in demand for latest and proposed model launches. 2) Double digit growth figure in two-wheeler market.

3) Room to have an entry in 220cc or above in motorcycles. 4) Battery chargeable trendy scooterette market.

5) Kawasaki’s plan to use Bajaj’s plants to manufacture two wheelers for its global operation can help it to boost Bajaj’s name in global market. 6) The growing gearless trendy scooters and scooterette market.

7) Growing demand in entry level motorcycles especially in emerging market to meet the customer demand of lower income or middle income population. 8) Has scope to improve in technology and cost effective as like Chinese.

THREATS: 1) The market share in the scooter segment has taken a beating from TVS Suzuki’s entry into this segment.

2) Entry of MNCs, especially Chinese ones, in the motorcycle segment will stiffen the competition and will hamper the efforts of Bajaj to establish itself in the motorcycle segment.

3) Increase of steel and aluminium cost squeezes the margins of Price and Cost. 4) TATA Ace is a serious competition for the three-wheeler cargo segment. 5) Competition catches-up any new innovation in no time.

Tows Matrix for BAL: Internal Factors External Factors Strengths Can use the existing R&D capabilities for new models Can use Kawasaki’s distribution networks internationally Can invest and grow the life style segments Can use R&D to develop battery chargeable scooterette and scooter Opportunities Increase the customer centric initiatives and command more customer loyalty Improve the efficiency of the financing and the insurance arm. Invest in new product platforms. Actively market electric range internationally Threats Invest in building world class bikes to sustain the international markets independently in the coming years like WIND125 Weakness Must employ the cash in production and product capabilities to match competitors and for continuous export growth

BCG Matrix for Bajaj Auto: Stars • Pulsar 150 & 180cc Question Mark

• • • Cows • Discover 125 cc • •

XCD 125cc Discover 135cc Pulsar 200 & 220 cc Dogs Platina Avenger

• •

CT100 Three wheeler e.g. Mega Max

Kristal

Five forces analysis of bajaj Michael porter provided a framework that models an industry as being influenced by five forces. This strategic business manger seeking to develop an edge over rival firms can use this five forces model to better understanding the industry context in which the firm operates.

ENTRY BARRIER 1. The market runs on high economies of scale and high economies of scope. 2. Need for high technical expertise with the changing scenario. 3. Strong and economic distribution channel required 4. Strong R & D needed.

SUPPLIER BARGAINING POWER 1. Effective supply chain management is a critical aspect. 2. Bajaj follows outsourcing of its components parts, so suppliers are very important part of the industry.

INDUSTRY RIVALRY High industry rivalry is very high. Within a launch of new product competitors comes up with same variant or advance variant of the product

BUYER’S BARGAINING POWER 1. Buyers can make choice from any brand they like. With more and more models being launched by competitors, so buyers bargaining power is very essential to the industry.

SUBSTITUTES 1. Although there is no substitute to this industry. But as the competition increases new variants may come up from the rival. Also recently launched TATA NANO may act as substitute to this industry.

Strategies of Bajaj Auto Limited: In the long 64 years of its business life in India, Bajaj Auto Limited has gone through many challenges. At the very beginning, the company had to create a demand for its two and three wheeler vehicles in the large Indian automobile market. Nearly 40 years after, when Bajaj Auto has become a leading company in the two and three wheeler market in India, the government has liberalized the two wheeler industry. The global MNCs like Honda Motors, Yamaha, Suzuki and Piaggio started nosing in the Indian market by merging with different Indian business groups. Now, Bajaj Auto faced another difficulty – to survive in the race with its new market competitors as they had better technologies to cash with. The strategy of Bajaj Auto Ltd. depended on chain of events from the time of incorporation in 1945 to now in 2009. Those strategies are discussed under two perspectives: Corporate Level Strategy: Bajaj Auto doesn’t clearly state any mission statement. They define it in terms of brand identity, brand essence and brand values. The brand of Bajaj Auto values learning, innovation, perfection, speed and transparency. Their goal is greater organizational profitability, higher employee morale and greater customer satisfaction. For the first twenty years of its history Bajaj Auto did not feel to introduce any new products and simply kept changing with the old Vespa design because of its great demands. Those were the good old days of Bajaj when they monopolized the market by manufacturing and marketing Piaggio’s Vespa brand scooters and three wheelers in India. The technical collaboration with Italy’s Piaggio & Co. expired in 1971.Using the Bajaj brand name the company continued to produce and sell vehicles. In 1971, the company released three-wheeler goods carrier. In the year 1972, Rahul Bajaj became the chairman of Bajaj Auto Ltd. He was Rahul Bajaj, who gave Bajaj Auto a new height, a new way to proceed. After completing an MBA degree from Harvard University, Rahul Bajaj took over the responsibility of Bajaj Auto in 1968. From then, Rahul had dreamt of making his company the world’s leading manufacturer of two wheelers. Rahul wanted to see Bajaj Auto Ltd. as world class in India. After coming out from the joint collaboration of Piaggio & Co., Bajaj Auto Ltd. started to expand under the leadership of Rahul Bajaj. New models like Bajaj Chetak, Bajaj Super, Rear engine Auto rickshaws, Bajaj M-50 came out between 1972 and 1981. In the mid 1980s the government liberalized the two-wheeler industry and the Japanese MNCs like Honda Motors, Yamaha and Suzuki collaborated with various Indian business groups and started business in India. Following the tradition, Bajaj Auto collaborated with another Japanese auto giant Kawasaki and released models like Kawasaki- Bajaj KB100 in 1986 and other models one by one. The new market competitors started to grab the market share of Bajaj Auto because of their new and high quality technology. Bajaj Auto Ltd. – the then Indian auto giant changed its advertising

tagline from “You just can’t beat a Bajaj” to a more gentler and touchy one “Hamara (our) Bajaj”. After the pollution act was passed by the government, Bajaj Auto released another few new models before Rajiv Bajaj was gradually in the process of taking over the leadership responsibilities from his father Rahul Bajaj in 1998. When Rahul Bajaj took over the responsibility of spearheading the company’s products in 1996, he found that he had inherited a lumbering giant- a legend, whose legacy needed a major overhaul. According to him, the major challenges the company was facing were (1) Share in customer’s mind, (2) Product differentiation, (3) Customer satisfaction, (4) Customer retention and (5) Cost control. To complete the transition of a new Bajaj Auto, Rahul emphasized to improve on the above fields. His management team consisted of experienced stalwarts as well as new faces who had been chosen for its specialist skills. Rajiv Bajaj’s priorities thus included accessing new technologies, introducing new models, making a strong presence in the rapidly growing motorcycle market, creating a marketing culture, revamping manufacturing practices, focusing on quality, improving the supply chain and helping the new managers integrate into a conservative corporate culture. Marketing strategy of Bajaj Auto is always one of its greatest strength in its portfolio and their logo and ad line always tunes nicely with their intentions and provoke people to be attracted to Bajaj Auto. In 1980’s ad line was ‘You Just Can’t Beat a Bajaj’; in the mid-1990’s it was ‘Hamara Bajaj’; towards late 1990s Bajaj motorcycles claimed to be ‘Unshakeable’

The new visual identity of Bajaj Auto emanates from the confirmation of core values, which Bajaj has identified as its brand values. The Brand essence for the new Bajaj has been defined as "Excitement". Excitement engineering will deliver and inspire confidence in to various stakeholders like Bajaj has traditionally done. Bajaj promises to live its essence through a set of five Brand Values of Learning, Innovation, Perfection, Speed and Transparency. The traditional hexagonal symbol has been replaced by an open abstract form of stylized B, the "flying B" as it has been named represents style and technology. It also has a strong association with the heritage of Bajaj since the external form has a hint of hexagon. "Flying B" form denotes speed and open form denotes the transparency. Bajaj has adopted a new brandline of "Inspiring Confidence". In whatever the company does it seeks to inspire confidence in its audience. The new identity has a fresh new blue color. This blue represents the stability and strength of Bajaj. Blue also represents high technology and precision engineering. The new identity presents a futuristic face of the new global Bajaj. These are the corporate strategies which Rahul Bajaj considered for transformation of a giant named Bajaj Auto Limited.

Business Level Strategy of Bajaj Auto: In the long 64 years of its business life in India Bajaj Auto has changed its business level strategy from time to time as it evolved through the difficulties of the demand of the market. In the very early stage the company was in a joint technical collaboration with Italy’s Piaggio & Company. Bajaj Auto then used to manufacture and market Piaggio’s Vespa Brand Scooters. For the first 20 years of its history Bajaj Auto didn’t feel to introduce any new product due to the great demand of Vespa Scooters. As the agreement with Piaggio expired in 1971, Bajaj Auto launched three wheeler goods carrier in1971. In 1972 a new model named ‘Chetak ’was launched. Thereafter came a timeline of new releases like Bajaj super, Bajaj M-50. After the two-wheeler industry was liberalized Bajaj Auto collaborated with Japan’s Kawasaki Motors. Models like Kawasaki-Bajaj KB 100, Bajaj Sunny were released. Bajaj Auto Ltd. has always targeted the middle class Indian to expand their market. When the global MNCs like Honda Motors, Yamaha and Suzuki started their business in India by merging with various Indian business groups Bajaj Auto felt an immediate threat. They changed their business tagline from ‘You just can’t beat a Bajaj’ to ‘Hamara Bajaj’. In 1998, the environment became more complicated. Hero-Honda was gearing up to contest Bajaj Auto’s dominance in the scooter market. There was a million dollar question to the managers of Bajaj Auto: What products should it make to dominate India’s two and three wheeler companies. In 1996, the major challenges the company was facing were (1) Share in customer’s mind, (2) Product differentiation, (3) Customer satisfaction, (4) Customer retention and (5) Cost control. To complete the transition of a new Bajaj Auto, the management team gave priorities in accessing new technologies, introducing new models, making a strong presence in the rapidly growing motorcycle market, creating a marketing culture, revamping manufacturing practices, focusing on quality, improving the supply chain and to integrate into a conservative corporate culture.

Recommendation Focus on high Margin products: Around 50% of the two wheeler consumer buy high quality products (products of executive and premium segment motorcycle) Margin on this products are higher. Bajaj Auto Ltd adopt a deliberate strategy of focusing on lower end motorcycle and scooters segments. High margin products- Pulsar, Discover, Avenger, Three wheeler. Low end products- Platina, Scooter, Mopeds. Below are important recommendation 1. Company should focus on fast growing motorcycle segment. 2. In view of the new threat posed by Honda in scooter segments, the company needs to review its products line up and launch new products to cater the changing needs of the market. 3. The company needs to take a look at its ungeared scooter offering and need to adopt to the latest trends. 4. The company needs to tap the international market more efficiently and effectively as there is a huge potential market available outside India. Bajaj may use the Kawasaki’s international chain to tap the market outside India. 5. Bajaj should watch out for the segments comprising of bikes in and above 300cc – 500cc or above as there is a huge demand of this bike in urban India specially among the young generation in India. 6. Bajaj Auto Ltd should try to develop modern eco friendly vehicles such as vehicles running on alternative source of powers, which may prove to revolutionize the whole market.

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