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Business News/ Markets / Stock Markets/  TVS Motor becomes first Indian auto manufacturer to enter Venezuelan market
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TVS Motor becomes first Indian auto manufacturer to enter Venezuelan market

TVS Motor Company makes a debut in Venezuela; becomes the first Indian automobile manufacturer to enter the market.

For the month of September, the company's sales grew by 6% to reach 402,553 units, compared to 379,011 units in the month of September 2022. (MINT_PRINT)Premium
For the month of September, the company's sales grew by 6% to reach 402,553 units, compared to 379,011 units in the month of September 2022. (MINT_PRINT)

TVS Motor Company, a leading manufacturer of two-wheelers and three-wheelers globally, announced its momentous entry into the Venezuelan market today.

“This makes TVS Motor the first Indian automobile manufacturer to enter the market with a host of 14 SKUs for the enthusiastic riders of Venezuela, with their local distributor, SERVISUMINISTROS JPG," the company said in today's regulatory filing.

The product lineup in this market includes a range of premium motorcycles, such as the TVS RR 310, TVS Apache RTR 200 FI, TVS Apache RTR 160, and TVS Apache RTR 200, as well as commuter motorcycles like the TVS TRAK 150, TVS Sport 100, TVS HLX, TVS Stryker, and TVS Raider, as well as other utility vehicles, sporty vehicles, and three-wheelers.

The company ranks amongst the top five automobile manufacturers in the world, with a presence in over 80 countries across Africa, Southeast Asia, the Indian Subcontinent, Latin America, and the Middle East.

Speaking on the occasion, Rahul Nayak, Vice President, International Business, TVS Motor Company, said, “TVS Motor Company has set a benchmark in catering to the diverse needs of customers globally. We are excited to introduce TVS Motor's diverse lineup of motorcycles, scooters, and three-wheelers in Venezuela, making us the first Indian manufacturer to enter the market. Our presence in this dynamic market marks a significant achievement for our global expansion strategy and is a historic step towards our global ambitions."

“We are delighted to enter Venezuela with a host of products across our premium and commuter range of two-wheelers, as well as three-wheelers. In line with our values of keeping customers at the core of our offerings, our foray into the market will pave the way for us to explore newer opportunities in the world of mobility," said Martin Corsunsky, Continental Head Americas, TVS Motor Company.

Earlier this week, the company launched a new TVS Jupiter 125 enabled with SmartXonnect technology, which comes packed with a Bluetooth-connected TFT digital cluster along with ‘SmartXtalk’ and ‘SmartXtrack’ that reinforces the premiumisation journey of the scooter customer, according to the company's exchange filing dated October 17.

Just recently, TVS Motor Company and BMW Motorrad celebrated the successful culmination of their decade-long partnership, a milestone that highlights their ten years of collaboration and innovation in the automotive industry. Since the inception of this strategic alliance, the two companies have achieved remarkable milestones, setting new industry standards and delivering exceptional motorcycles to customers worldwide.

Meanwhile, for the month of September, the company's sales grew by 6% to reach 402,553 units, compared to 379,011 units in the month of September 2022. Total two-wheelers registered a growth of 7%, with sales increasing from 361,729 units in September 2022 to 386,955 units in September 2023.

Domestic two-wheeler registered growth of 6%, with sales increasing from 283,878 units in September 2022 to 300,493 units in September 2023. The company sold 20,356 units of TVS iQube Electric in September 2023, compared to 4,923 units in September 2022, as per the company's sales release. 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 20 Oct 2023, 01:21 PM IST
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