TMT Motor signs deal with Tata Motors to assemble and distribute latter's motor vehicles.
Tata Nano, which has been recognized as the cheapest car in the world since 2009, at prices from $2,500 to $5,000, is expected to be assembled and distributed in Vietnam, under an agreement between Tata Motors Limited, India’s largest automobile group, and Vietnam’s TMT Motor.
“The price of the car will be under $10,000 in Vietnam,” said Chairman of TMT Motor, Mr. Bui Van Huu. The company was first keen to import the car in 2012 but after conducting research on the domestic market put its plans on hold.
Regarding manufacturing and technology transfer, he said this is entirely possible given the cars are left-hand drive, meaning TMT could readily compete in the market after becoming a partner of Tata.
TMT Motor will supply commercial vehicles such as buses and trucks from Tata starting in August, then 2- to 16-seat motor cars at a later date.
TMT Motor is one of the ten largest assemblers of automobiles in Vietnam. At its annual general meeting in March it set a goal of selling 7,900 vehicles this year with revenue to stand at more than VND3.8 trillion ($175.2 million) and pre-tax profit at VND192 billion ($8.8 million).
Tata Motors has prestigious motor cars in its range, such as Land Rover and Jaguar, with factories in the UK, South Africa, Thailand and Indonesia. Last year its revenue was $39 billion.