TVS Mobility joins hands with Mitsubishi Corporation, will sell passenger vehicles to MHE
The investment aims to sell passenger cars, commercial vehicles, and Material Handling Equipment (MHE) in the Indian market, according to a statement from TVS Mobility. Mitsubishi Corporation is strengthening its partnership with TVS Mobility Group to gain traction in the rapidly expanding Indian market. One of the ways this is being done is by investing in TVS Automobile Solutions, an after-sales service provider (TASL).
TVS Mobility and Mitsubishi Corporation, a Japanese automaker, have launched a joint venture. In this regard, TVS Mobility stated on Monday that Mitsubishi Corporation will make an initial investment of Rs 300 crore as part of the partnership, and both parties are dedicated to fostering the joint venture's expansion.
TVS Mobility said in a statement, that the objective of this investment is to sell passenger cars, commercial vehicles and material handling equipment (MHE) within the Indian market. It said the business model would have the potential to generate revenues of US$2 billion over the next 3-5 years. With this, TVS Mobility's dealership business will transform into TVS Vehicle Mobility Solutions (TVS VMS) offering a complete portfolio of services to its customers.
TVS Mobility Director R Dinesh said, "TVS Mobility has pioneered the sales, service and distribution of the vehicle market through its dealership business in India. This collaboration with MC will enable TVS to provide a range of solutions for the vehicle mobility ecosystem."
To make inroads into the fast-growing Indian market, Mitsubishi Corporation is boosting its relationship with TVS Mobility Group, including an investment in after-sales service provider TVS Automobile Solutions (TASL). No official has yet come out regarding which models the company will sell in the Indian market.
