TVS Motor, BMW to Jointly Develop Motorcycles

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April 8, 2013 8:04 PM EST

TVS Motor Co Ltd (TVSM.NS) and BMW AG's (BMWG.DE) motorcycle division announced a long-awaited cooperation agreement on Monday in a deal that sees 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 (7267.T) and Yamaha Motor Co (7272.T).

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