A Tata Nano car

PANO - TMT Automobile Joint Stock Company on May 11th held a press conference to officially announce its signing of the Strategic Cooperation Agreement with TATA Motors, the biggest automobile group of India. Under the agreement, TMT will be in charge of the distribution, assembly, and technology transfer of TATA automobiles.

In mid-August, TMT will distribute TATA commercial buses and trucks to Vietnam and cars will be introduced later. In the mean time, TMT will develop 10 agents for display, maintenance and provision of spare parts. After 5 years, the number of agents will be increased and expanded nationwide. The agreement also outlines that 40% of Vietnam-made components would be installed on TATA’s automobiles, and that the export of components produced in Vietnam to ASEAN countries would also be promoted.

In India and some other world markets, TATA Motors have introduced the concept of the budget Tata Nano car at the price of USD 2,500 – 5,000, making an automobile fever. Once exported to Vietnam, the car is sold at USD 10,000 to the utmost. With the cooperation agreement, TMT hopes to further diversify and reduce the prices of automobiles in Vietnam.

Translated by Huu Duong