TVS Motor Company to enter Venezuelan market with 14 products

TVS Motor company: Automaker TVS Motor Company announced on Thursday, October 20, that it is entering the Venezuelan market. The two-wheeler and three-wheeler manufacturer is the first Indian automobile maker to debut in the Venezuelan market with 14 products, the company said in an exchange filing. TVS Motor has partnered with Venezuela-based distributor SERVISUMINISTROS JPG.

“Further delivering on its commitment to provide best-in-class mobility solutions to its customers through a strong focus on innovation and technology, TVS Motor Company aims to expand its reach and explore new opportunities and avenues for growth in the region,” the company statement said.

TVS Motor Company ranks among the top five automobile manufacturers in the world with a presence in over 80 countries across Africa, Southeast Asia, the Indian Sub-Continent, Latin America, and the Middle East.

Rahul Nayak, Vice President – International Business, TVS Motor Company said, “TVS Motor Company has set a benchmark in catering to 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.

"We believe that the fusion of Indian engineering excellence with the rich cultural landscape of Venezuela will result in a thrilling experience for all motorcycle enthusiasts," said Nino Conersa Giancarlo Olivieri, CEO at SERVISUMINISTROS JPG.

TVS Motor's product portfolio encompasses a wide range of products catering to different segments and preferences. The company also said that it will explore opportunities for local partnerships and collaborations that can contribute to the growth of the Venezuelan automotive industry.

"With a commitment to fostering a strong relationship with the local community, TVS Motor is set to provide premium customer support and service in Venezuela. In line with the company’s commitment to establishing a strong presence, it will also explore opportunities for local partnerships and collaborations that can contribute to the growth of the Venezuelan automotive industry," the company added.

As of 11:45 am, TVS Motor's share price was trading 0.48 per cent down at Rs 1591.40 apiece on the NSE.