TVS Mobility, a significant player in India’s Automotive Distribution and Aftermarket Industry, has embarked on a journey through a joint venture with Mitsubishi Corporation (MC), a Japanese conglomerate. This strategic collaboration aims to revolutionise the vehicle mobility landscape in India, heralding a new era of innovation and customer-centric solutions in the automotive sector.
Transforming mobility solutions
The joint venture between TVS Mobility and Mitsubishi Corporation marks a significant departure from traditional dealership models, with TVS Vehicle Mobility Solution (TVS VMS) set to redefine mobility solutions in India. By leveraging advanced technologies and industry expertise, the partnership seeks to offer an extensive range of services tailored to meet the diverse needs of customers across various segments of the automotive market.
R. Dinesh, Director of TVS Mobility, expressed optimism about the venture, highlighting its potential to deliver innovative and digitally enabled solutions to customers. “Our collaboration with Mitsubishi Corporation will enable us to provide a comprehensive suite of services to the entire vehicle mobility ecosystem,” said Dinesh, underscoring the joint venture’s commitment to enhancing customer experiences and driving industry transformation.
Substantial investment and growth ambitions
Mitsubishi Corporation’s commitment to the joint venture is evident through an initial investment of INR 300 crores, demonstrating a strong resolve to fuel growth and innovation in India’s automotive sector. The substantial investment underscores the partners’ ambitious vision of capturing a significant market share and establishing TVS VMS as a leader in the vehicle mobility space within the next few years.
Commenting on the investment, Shigeru Wakabayashi, CEO of Automotive and Mobility Group at Mitsubishi Corporation, stated, “India presents immense opportunities for growth in the automotive sector. Our investment in TVS VMS reflects our confidence in the potential of the Indian market and our commitment to driving innovation and excellence in mobility solutions.”
Leveraging global expertise
Mitsubishi Corporation brings to the table its extensive global experience and best practices, which are expected to play a crucial role in accelerating the growth trajectory of the joint venture. By tapping into MC’s expertise, TVS VMS aims to navigate the complexities of the Indian market more effectively, driving innovation and delivering value-added solutions to customers nationwide.
Addressing market dynamics
India’s automotive market stands as one of the largest in the world, presenting both challenges and opportunities for industry players. With sales topping five million vehicles in 2023 and expected to grow at a rate of 6-7% in the coming years, the Indian automotive landscape is undergoing significant transformation. Against this backdrop, the joint venture between TVS Mobility and Mitsubishi Corporation is strategically positioned to address the evolving dynamics of the market and cater to the evolving needs of customers.
Driving industry transformation
The collaboration between TVS Mobility and Mitsubishi Corporation is poised to drive industry transformation and reshape the vehicle mobility ecosystem in India. By offering a comprehensive range of solutions, including vehicle sales, operating services, and ‘Vehicle-as-a-Service’ (Micromobility) solutions, the joint venture aims to meet the diverse needs of customers and foster competitiveness in the automotive sector.
The joint venture between TVS Mobility and Mitsubishi Corporation represents a significant milestone in the Indian automotive industry. With a shared commitment to innovation, customer satisfaction, and industry excellence, the partnership is poised to redefine mobility experiences and contribute to the continued growth and evolution of India’s automotive sector.