TVS Motor continues expanding overseas offerings
NEW DELHI: Chennai-based automobile maker TVS Motor is continuing to strengthen its presence and offerings in overseas markets, with the company launching two new products — scooter TVS Dazz and three-wheeler TVS King — for the Philippines market.The launches will see the company increase its offerings in the scooter market and foray into the three-wheeler segment in the Philippines. According to the firm, TVS Dazz, a 110-cc scooter, has been developed to meet Euro 3 standards, while TVS King is a 200-cc three-wheeler passenger carrier.
“The launch of TVS King and TVS Dazz has opened two new segments for us and we are confident that both the products will be well received by the rapidly growing market,” president and chief executive officer KN Radhakrishnan said.While the King is targeted at the tricycle passenger carrier market for both government units as well as personal transport, Dazz is designed for modern commuters who seek a practical as well as stylish offering, according to R Dilip, senior vice-president, International Business.
The launches are in line with the company’s overseas international expansion efforts of the last few years. The company has had a presence in the Philippines since 2016, Radhakrishnan said, pointing out that the “market has responded positively” to its products.
TVS also broke open a new overseas market in May last year, when it entered into a partnership with Central American group Masesa (Mayor Servicios Socieda Anonima) as its sales and distribution partner for the region. At that point, it had also revealed its intentions to expand into the larger Latin American, South-East Asian and West Asian markets.
TVS Motor Company posted a 13.2 per cent rise in profit after tax (PAT) at `146.6 crore for the June quarter of this year, driven by robust sales across verticals. Meanwhile, total revenue grew to `4,171 crore from `3,456.6 crore last year. TVS’ overseas markets saw significant traction during the period, with exports growing by 52 per cent to 1.90 lakh units from 1.25 lakh units in the quarter ended June 2017.