Tata Motors set to drive into Vietnam market
Tata Motors has inked a distribution and supply agreement with Vietnam’s TMT Joint Stock Company to mark its foray into the South East Asian country. TMT Joint Stock Company has signed a distribution, supply and technology licence agreements with the company, Tata Motors said in a statement.
The agreements will enable TMT to become the distributor of selected Tata Motors commercial vehicles, as well as expand its vehicle assembly business and distribution network in Vietnam, it added. As part of the pact, Tata Motors will supply completely knocked down (CKD) and completely built unit (CBU) vehicles to TMT in Vietnam, enabling TMT to further strengthen its position, in the local automotive industry.
“Our foray into Vietnam is an important step in our continuing journey to become a truly global player and in particular our focus on the ASEAN region after our recent entry into Indonesia, Philippines and Malaysia,” said Tata Motors Ltd Executive Director (Commercial Vehicles Business Unit) Ravi Pisharody.
... April global sales rise by 4%
Tata Motors on Friday reported a growth of 4 per cent in global sales, including Jaguar Land Rover’s at 77,701 units in April. The company had sold 75,026 units in the same month last year.
In the passenger vehicles category, global sales last month stood at 51,021 units, up 6 per cent. It had sold 47,972 units in April 2014, the company said in a statement. Sales of luxury brand Jaguar Land Rover rose by 1.31 per cent to 40,665 units during the month as compared to 40,137 units during the same month a year ago. Sales of commercial vehicles declined by 1.38 <g data-gr-id="68">per cent</g> in April to 26,680 units from 27,054 units a year ago. PTI