TVS shares zoom to 52-week high on Vietnam venture riding on 5 vehicles

Shares of TVS Motor Company Limited gained over 1.5 percent to Rs 1,765 to hit a new 52-week high on November 23, extending a rally for the third day in a row, after the company announced its entry into Vietnam jointly with Minh Long Motors, its distribution partner.

The two and three-wheeler automobile major said that it would offer a range of scooters and underbone motorcycles across multiple price points. The foray gains significance as its second major global entry in two weeks. Last week, TVS announced its entry into Europe starting with France.

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TVS Motor will leverage Minh Long Motors’ extensive distribution network and market insights to offer some of the best-in-class two-wheelers in the Vietnamese market,” the company said in an exchange filing on November 22.

The company has a footprint in over 80 countries across Asia, Africa and Latin America. Exports constitute nearly 25 percent of the company’s business as of H1 FY 2023.

“Vietnam is an economy on the rise and mobility and access are key drivers of any economy. By launching our products in Vietnam, TVS Motor gets a chance to play a small part in charting the course of the Vietnamese economy,” J Thangarajan, president-director of PT TVS Motor Company, said at the launch ceremony.

Out of the five that the company is planning to sell, TVS NTORQ 125, TVS Callisto, TVS Dazz, and TVS Rockz will be available in all showrooms.

Last week, TVS entered Europe by signing an agreement for import and distribution with Emil Frey, a 100-year-old company and a prominent name in automotive distribution.

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