TVS Motor, BMW to jointly develop motorcycles

MUMBAI (Reuters) - TVS Motor Co Ltd and BMW AG's motorcycle division announced a long-awaited cooperation agreement on Monday in a deal that sees the companies jointly develop motorcycles as TVS looks to stem a slide in its market share.

TVS and BMW Motorrad will develop and produce a series of motorcycles in the sub-500 cubic centimeter segments, TVS said in a press release, but each company will sell individual derivatives of vehicles through their own distribution channels.

TVS has seen its sales fall more than 6 percent this financial year that ended in March, against a 4 percent rise for the overall industry, as it loses market share to Japanese rivals Honda Motor Co <7267.T> and Yamaha Motor Co <7272.T>.

 

(Reporting by Henry Foy)