Mitsubishi, TVS Mobility Announce Partnership In Automotive Retail

Mitsubishi Corporation, one of the largest automobile manufacturers from Japan, plans to re-enter the Indian market. However, this time, the marque will be coming into the automotive retail sector with TVS Mobility by forming a joint venture. 

The Japanese marque will invest ₹300 crore in TVS Mobility and the Indian brand’s dealership business will transform into TVS Vehicle Mobility Solution (TVS VMS). This deal is subject to approval by the relevant regulatory authorities.

Mitsubishi Corporation says the business model will have the potential to reach $2 billion (roughly ₹16,602 crore) in revenue in the next five years. With the investment, TVS Mobility will provide new vehicle sales, vehicle-as-a-service business models, operating solutions and more. 

R. Dinesh, Director, TVS Mobility, said, “This collaboration with MC will enable TVS to provide a range of solutions to the entire vehicle mobility ecosystem. After providing integrated and digital platforms for the independent Aftermarket, the Vehicle Mobility business will provide innovative and digitally enabled solutions to our customers, be it enterprises, corporates or fleet owners and expand our partnership with vehicle manufacturers to provide integrated solutions across vehicle sales, operating of vehicles and ‘Vehicle-as-a-Service’ (Micromobility) solutions.”

Shigeru Wakabayashi, CEO, Automotive and Mobility Group, Mitsubishi Corporation, said, “India has the world’s third-largest market for new automobiles with sales topping five million vehicles in 2023 and expected to grow at 6-7 per cent in the next few years.” He added, “The latest investment in the multi-brand dealer TVS VMS widens MC's investment coverage through enhanced service capabilities even further and should propel its aim to develop comprehensive mobility solutions spanning not only after-sales services and multi-brand sales, but also vehicle-as-a-service model, and other automotive operations.”