TVS Motor Enters Venezuela Market With 14 Products
The product offerings range from premium and commuter motorcycles to three-wheelers.
TVS Motor Co. has forayed into Venezuela with 14 products, becoming the first Indian automobile company to enter the market.
With product offerings ranging from premium and commuter motorcycles to three-wheelers, TVS Motor's presence in the market is a key achievement in its global expansion strategy, said Rahul Nayak, vice president of international business at the company.
The two-wheeler maker has a presence in over 80 countries across Africa, Southeast Asia, the Indian sub-continent, Latin America and the Middle East.
It has entered Venezuela with a local distributor, Servisuministros JPG CA. The products will be shipped as semi-knocked-down units that will be assembled later on.
The company is betting that the fuel efficiency, reliability and performance of their products will resonate with the local buyers.
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 said in a press release.
TVS Motor's shares were trading 0.06% lower at Rs 1,598.1 apiece, compared with a 0.5% fall in the benchmark NSE Nifty 50 at 12:47 p.m.
