TVS Motor Company shares surged on Thursday, marking the third consecutive day of gains following the company’s announcement of a joint entry into the Vietnamese market with distribution partner Minh Long Motors.
What Happened: The Indian two and three-wheeler automaker previously disclosed its plans to introduce a range of scooters and underbone motorcycles at various price points in Vietnam. This expansion comes as TVS’s second major global entry within two weeks, the first being its foray into the European market, starting with France.
TVS Motor highlighted its strategy to leverage Minh Long Motors’ extensive distribution network and market insights to offer high-quality two-wheelers in Vietnam in an exchange filing on Wednesday. The company, with a presence in over 80 countries across Asia, Africa, and Latin America, emphasised that exports make up nearly 25% of its business as of the first half of FY2023.
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Vietnam, a growing economy, is a strategic market for TVS Motor. The company sees opportunities to contribute to the mobility and access sectors, considering them as vital drivers of any thriving economy. J Thangarajan, president-director of PT TVS Motor Company, expressed the company’s enthusiasm, saying TVS Motor would get a chance to play a small part in charting the course of the Vietnamese economy.
TVS Motor plans to introduce five models in the Vietnamese market, including TVS NTORQ 125, TVS Callisto, TVS Dazz and TVS Rockz, which will be available in all showrooms. This move follows TVS’s recent entry into the European market through an agreement with Emil Frey, a renowned 100-year-old company specializing in automotive distribution.
Price Action: TVS Motor’s share price was up 1.7% at ₹1,769.00 around noon on Thursday. The stock is up 3.69% in the last five sessions.
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