TVS Motors shares were on the up on Friday morning after the largest 2-wheeler company in the world announced its entry into the European market by signing a deal with Emil Frey, a major European auto importer and retailer, for importing and distributing its two-wheelers, as announced in a recent stock exchange filing. This Zurich-based company, known for its extensive network and relationships with top automotive brands, will handle the distribution of TVS products in select European countries.
What Happened? This partnership aims to expand TVS’s presence in Europe, capitalizing on Emil Frey’s vast distribution network and deep understanding of the European market. France will see the first launch of TVS two-wheelers under this agreement, with a range of internal combustion engine (ICE) and electric vehicle (EV) models set to be introduced starting in January 2024.
TVS Motor Company’s MD Sudarshan Venu highlighted the strategic importance of this alliance in their global expansion, emphasizing Europe as a key market and their intent to make their advanced products more accessible to European customers. Lorenz Frey-Hilti, Director of Emil Frey Group, expressed pride in partnering with TVS Motors, anticipating a successful collaboration given the complementary nature of both companies.
TVS will offer a variety of models in Europe, including Jupiter 125, NTORQ, Raider, iQube S, Ronin, Apache RR 310, and Apache RTR 310. The company already sells its two-wheelers in over 80 countries across Asia, Africa, and Latin America, with exports accounting for about 25% of its business in the first half of the current fiscal year.
Price Action: TVS Motors shares were up 0.95% at ₹1,700.10 on early Friday.
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