Two-wheeler maker TVS Motor Company Ltd will enter the three-wheeler segment in an year's time, its chairman Venu Srinivasan said on Friday.
The company will manufacture petrol-run autorickshaws from its Mysore plant in a bid to capture a share of the growing domestic and export market for three-wheelers, he told reporters after TVS Motors 12th annual general meeting in Chennai.
"Looking at the business generated by our competitors (in three-wheeler segment), it will not be wise on our part not to enter this business," Srinivasan said.
"We will enter the three-wheeler segement in an year from now," he said.
Bajaj Auto leads the three-wheeler market in the country, followed by Mahindra and Piaggio. The total three-wheeler market is estimated at over 400,000 units per annum.
South India alone constitutes 50 per cent of the three-wheeler sales in the country, which TVS Motors hopes to take advantage of.
"We are also looking at three-wheeler exports to Bangladesh," Srinivasan said.
Regarding new launches, Srinivasan said its 4-stroke motorbike 'Max' will be launched in North India in October and in South India during January 2005.
On the sales, Srinivasan said the company hopes to sell 30,000 'Centras' in January, up from 18,000 units in August.
Sales of other models including 'Victor' will also see a
similar increase in the coming months, Srinivasan said.
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