Japanese carmaker, Mitsubishi, is planning to enter the Indian market yet again with TVS Mobility sometime this year. Note that Mitsubishi commenced its operations in India in 1998 and manufactured cars here until 2016. Its initial prominent offerings included the likes of the Lancer, Cedia, Montero, Outlander and Pajero. In fact, the Pajero was in production until 2016 as the Pajero Sport. However, due to constantly dwindling sales and a ton of competition in the Indian automobile market, it pulled the plug on its products in our market. Now, the reports of it re-entering India are surfacing. Let us take a look at the details here.
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Mitsubishi to Re-enter Indian Market with TVS
TVS Mobility handles the Japanese carmaker Honda in India. Mitsubishi plans to invest $33 million to $66 million to acquire 32% stake in TVS Mobility as per a Nikkei Asia report. That will help it get access to around 150 outlets in India. If this deal finalizes, it will make Mitsubishi one of the largest independent car dealerships in India. This joint venture aims to bring more Japanese car brands to the rapidly burgeoning Indian automobile market. This also includes EVs. After this investment is completed, Mitsubishi will send its employees to collaborate with the dealerships in India.
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Following this development, the newly formed company will setup exclusive stores for each car brand. That is the benefit of utilizing the 150 outlets of TVS Mobility. As a matter of fact, the initial aim will be to expand the sales of Honda cars. Thereafter, Mitsubishi will lead negotiations with other Japanese car marques to diversify their range in our market. It will also introduce innovative services like the ability for the customers to schedule maintenance appointments and purchase insurance through a smartphone app. It believes that such conveniences will grab the attention of more new buyers toward Japanese cars.
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Author’s Note
Mitsubishi was in our market for a long time. It knows the mentality of the Indian consumers. Sure, that must’ve changed a lot in the last few years. Still, the Japanese automaker has some significant experience from its previous stint in our market. It will ensure that it learns from its mistakes in the past and come up with a robust strategy to grab a considerable chunk of this rapidly growing market. We shall have to wait a bit longer to know the specifics of this deal.
