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The yuan's devaluation is not expected to negatively impact Italian scooter maker Piaggio and could instead boost exports of its Chinese joint venture, Chief Executive Roberto Colaninno said on Thursday.
The stock fell this week, along with the general market, dragged down by worries over China's move to devalue its currency.
"The devaluation of the Chinese (yuan) has no negative impacts on the Piaggio Group and could be a growth opportunity for exports from the Zongshen Piaggio joint venture in Foshan," Colaninno said in a statement.
In the same note, Piaggio added it had started commercial operations in Nepal, offering models of its iconic Vespa scooter at showrooms in Kathmandu, as part of a wider strategy to grow in the Asian region. The vehicles are produced in India.
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