India's TVS Motor and BMW sign motorcycle development agreement
MUMBAI, April 8
MUMBAI, April 8 (Reuters) - TVS Motor Co Ltd and BMW AG's motorcycle division announced a long-awaited cooperation agreement on Monday in a deal that see 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 and Yamaha Motor Co.
(Reporting by Henry Foy)
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