TVS Motor drives into 3-wheeler market with King

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TVS Motor Company announced its foray into the three-wheeler market with TVS King, on Sunday. The company has invested close to Rs 120 crore to manufacture about 1,000 vehicles in the first phase. It targets 30% market share within 18 months.

Venu Srinivasan, chairman, TVS Motor, said, the company targets to sell about 30,000 vehicles in the next one year and expects a top-line contribution of about Rs 200 crore. By the end of December 2008, TVS will sell the vehicles in almost all the cities in India and also export to about 20 countries, he added.

Launched in LPG and petrol versions, TVS King will be India’s first 200-cc, two-stroke auto rickshaw with electric start. The price ranges between Rs 90,000 and Rs 1.3 lakh depending on the features. TVS will launch the 4-stroke CNG version (compressed natural gas) by July 2008 and 1-tonne diesel range by the end of this year, Srinivasan said.

TVS has also announced one-year free accident and healthcare policy for the vehicle owners. The company has tied up with insurance companies such as United India and New India. The policies will cover owners and their families against medical care up to Rs 30,000 per annum on a floater basis. The owner will be covered by a personal accident policy for Rs 1 lakh.