 "Uptick in rural demand to propel two-wheeler industry: TVS Motor chairman | Company News")
Expansion programs in Latin America, Asean and the Middle East will add further momentum, Speth stated.
The domestic two-wheeler segment will continue on growth path in the current fiscal on the back of factors like normal rainfall and uptick in rural demand, according to TVS Motor Chairman Ralf Speth.
Speaking at the company’s annual general meeting (AGM), he noted that in partnership with BMW Motorrad, TVS will be working on design and development of additional new vehicles for the global markets.
“With a young, intelligent, thriving workforce the nation is well-positioned to leverage its advantages. I am also convinced that India can benefit from major shifts in the geo-political, geo-economic, environmental and social landscape. India can go its own way. India can overtake,” Speth stated.
He noted that the company expects the domestic two-wheeler industry to continue to grow in FY25 on the back of strong economic indicators, including normal rainfall and uptick in rural demand.
“Our focus on EVs – as one of our future growth enablers – fits perfectly with our 2030 vision,” he stated.
The electric vehicle segment represents a commitment to sustainable innovation, addressing environmental concerns while meeting customer demands for energy-efficient transportation solutions, Speth said.
“To realise our vision, it is essential to align technological advancements with the strategic infrastructure development and proactive collaboration between academia, industry and government,” he added.
On exports outlook forth current fiscal, Speth stated that the company expects overseas shipments of two-wheelers to see a gradual recovery after a weak performance in FY24.
The African market’s improvement will be supported by a moderation in inflation due to easing of monetary situation globally, he stated.
Expansion programs in Latin America, Asean and the Middle East will add further momentum, Speth stated.
TVS is strategically expanding its international presence by strengthening distribution network across the world, he said.
In FY24, TVS announced its entry into European markets through a distribution partnership.
“A variety of EV & ICE products have been homologated in the meantime. TVSM is ready to start, now,” Speth informed shareholders.
In addition, together with and in fine coordination with BMW Motorrad, the company will be working on design and development of additional new vehicles for the global markets, he said.
In April 2013, TVS and BMW had entered into a partnership to manufacture sub-500cc motorcycles for global markets.
“With the above factors and backed by its strong product line-up, unwavering focus on consumer delights, quality, and design the company is confident for FY25”, Speth stated.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 06 2024 | 7:36 PM IST
