Japanese giant Mitsubishi Corporation is set to enter into auto brands in India this summer by claiming equity of more than 30% in TVS mobility according to a report by Nikkei Asia.
The investment is expected to be between $33 million to $66 million, subject to regulatory approvals.
Mitsubishi plans to send its employees to the dealership after the investment is finalized as per the report.
Mitsubishi will build new dedicated showrooms for each car brand and will leverage TVS Mobility’s 150 existing outlets.
At the outset, the focus will be on boosting sales of Honda cars, which are already in TVS’s roster as per the report.
Mitsubishi will initiate discussions with Japanese automakers to enrich the range of Japanese car brands and models.
The venture will also offer electric vehicles as part of its roster, with Mitsubishi striving to promote the wider adoption of EVs in India.
In addition to offering excellent customer service, the company plans to introduce ingenious services such as fostering maintenance appointments and buying insurance through a smartphone app.
These initiatives are striving to boost sales amidst heightened competition in the Indian Automobile Industry.
India ranks third globally in new car sales, behind the US and China. Japanese automakers with the anomaly of Suzuki Motor, have maintained a limited presence in the market.
About Mitsubishi
- Mitsu is a 100-year-old company that has manufactured the most innovative cars of all time.
- Mitsubishi is the 16th largest automotive manufacturer in the world, selling in over 160 countries.
- Mitsu’s automotive journey started when the Mitsubishi Shipbuilding Co. established the Model A in 1917.
- Mitsu’s logo was inferred from the flag design of its shipping company predecessor.
- Mitsu has partnered with other leading brands which include Volvo, Chrysler, and Hyundai to produce vehicles sold around the world.
- Mitsu developed the Silent Shaft engine in 1976 lowering vibration in a 4-cylinder setup.
- Mitsu patented this pioneering technology and allowed several other top automobile manufacturing companies including Porsche and Saab.
- Mitsu’s long-term brand ambassador is Jackie Chan who uses only Mitsu’s vehicles in his films.
- The Lancer Evo gained popularity because of Mr. Chan.
- Mitsu was the first car brand to design a Traction Control System as a standard safety feature which is found in every vehicle now.