Page 3 - Commercial Vehicle

Ashok Leyland September sales: Total sales up 9% YoY to 19,202 units

Bus sales for the company more than doubled in domestic sales as Ashok Leyland dispatched 1,851 units in September, which is 119% more than the 847 units sold during the same period a year ago

Tata Motors to raise CV prices by up to 3%, third price hike in 2023

The company previously raised prices by 1.2% in January and by 5% in March to ensure its vehicles comply with the new emission norms

Ashok Leyland to set up bus plant in Uttar Pradesh, invest Rs 1,000 cr

Upon commencement of operations, the manufacturing facility will initially have the capacity to produce 2500 buses per year

Vision to be among top 10 global commercial vehicle players: Ashok Leyland

Hinduja group flagship Ashok Leyland on Thursday said its aiming to be among the top 10 global commercial vehicle manufacturers in the near future. According to company chairman Dheeraj Hinduja, the heavy commercial vehicle maker is looking at exploring newer markets. Top officials of Ashok Leyland were here to mark the 75th anniversary celebrations of the city-headquartered company. "You know our vision is clear and we have discussed it many times, that is to be a global Top 10 commercial vehicle player. Currently, we are at No 20..." Hinduja told select reporters. Elaborating, he said the company's sales volume was growing in the Indian market and the 'Avtar' product developed by Ashok Leyland was a modular product, and such products have been developed with a mindset to serve international markets. "What is critical for us is to create the right network outside of India, find appropriate distributors in markets where we are currently not present," he added. In the last 16 mont

Ashok Leyland reports 10% rise in sales to 15,576 units in August

Commercial vehicle maker Ashok Leyland on Friday reported a 10 per cent increase in total sales at 15,576 units in August 2023. The same stood at 14,121 units in the same month last year. Total domestic sales were at 14,545 units last month as against 13,301 units in the year-ago period, a growth of 9 per cent, Ashok Leyland said in a regulatory filing. Medium and heavy commercial vehicle sales in the domestic market were 17 per cent higher at 9,013 units as compared to 7,671 units in August 2022, it added. However, sales of light commercial vehicles in the domestic market were down 2 per cent at 5,532 units last month as against 5,630 units in August last year.

Mahindra Logistics to provide Flipkart with heavy commercial vehicles

Companies announce collaboration to improve e-commerce firm's line haul transportation

Indian auto industry is driving sustainable mobility through 6 initiatives

Companies have demonstrated the sector's commitment to the country's green growth

Indian truckmakers eye electric as one of the ways to tackle pollution

15 companies including Amazon.com Inc., Nestle SA and India's Aditya Birla Group joined forces to advance the electrification of the nation's truck fleet

Ascend Capital plans to raise Rs 500 cr in 18 months to finance 1 mn EVs

Ascend Capital is planning to raise Rs 500 crore over the next 18 months as it looks to finance over 1 million electric commercial vehicles by 2030, the company said on Wednesday. Co-founded in 2019 by Lokesh Chandra Mittal and Gaurav Maheshwari, the Jaipur-based electric commercial vehicle (eCV) financing firm, has so far invested about Rs 80 crore in its own business and has financed over 8,000 commercial EVs. "We have invested about Rs 80 crore since we founded Ascend Capital. We have a robust growth plan and are eyeing to infuse Rs 500 crore into the company over the next 18 months," Lokesh Chandra Mittal, co-founder and director of Ascend Capital, told PTI. Mittal said these funds will be raised from climate finance, sustainability, and financial inclusion-focused impact investors. The company sees a huge potential in financing eCVs, he said, adding that plans are afoot to finance 1 million vehicles by 2030. However, if there is an opportunity, the company might explore other

VE Commercial Vehicles reports 6.5% rise in sales at 6,715 units in June

VE Commercial Vehicles Ltd on Monday reported a 6.5 per cent growth in sales at 6,715 units in June 2023. The company, a joint venture between the Volvo Group and Eicher Motors, had sold 6,307 units in June 2022, VE Commercial Vehicles (VECV) said in a statement. Eicher branded trucks and buses recorded sales of 6,527 units last month as against 6,185 units in June 2022, a growth of 5.5 per cent, it added. In the domestic market, sales of Eicher branded trucks and buses grew by 12.4 per cent to 6,277 units as compared with 5,584 units in the corresponding month last year. Exports of Eicher branded commercial vehicles were at 250 units last month, down from 601 units in the year-ago period. Volvo trucks and buses recorded sales of 188 units in June 2023 over 122 units in June 2022, representing a growth of 54.1 per cent, the company said.

Expect commercial vehicle industry to grow by 8-10%: Ashok Leyand

Ashok Leyland expects the domestic commercial vehicle industry to grow by 8-10 per cent this fiscal aided by record government spending on infrastructure projects and strong replacement demand emanating from core industries. In his address to shareholders in the company's Annual Report for 2022-23, Ashok Leyland Chairman Dheeraj G Hinduja said the commercial vehicle sales this fiscal were expected to exceed the previous peak attained in 2018-19. He noted that the Chennai-based commercial vehicle maker is fully prepared to take advantage of the anticipated opportunities without compromising on market share and profitability targets. "Moving on, it is reasonably expected that in FY24, the demand is expected to exceed pre-COVID levels of 2018-19," he noted. Government infrastructure spending, strong replacement demand and healthy traction from core industries like steel, cement and mining are expected to drive growth, Hinduja said. The company remains optimistic about its ability to b

Commercial vehicle industry to record moderate 8-10% volume growth: Report

The commercial vehicle (CV) industry is likely to record moderate volume growth of around 8-10 per cent this fiscal, with the pent-up demand levelling off, a report said on Tuesday. The growth will come amid increased government thrust on infrastructure spending despite expected muted exports on account of the uncertain global environment amid inflationary concerns, Care Edge Ratings said in its report. This growth is also expected to come on the back of the strong upcycle that the industry is witnessing despite the high base effect. Noting that the demand remains strong across all the segments, while the medium and heavy commercial vehicles (MHCV) are expected to grow by 10-12 per cent in FY24, the light commercial vehicles (LCV) are likely to grow by 6-8 per cent aided by last-mile connectivity demand boosting e-commerce activities, it stated. "With tailwinds like healthy replacement demand, increased freight movement and increasing government infra spending and a continued boom

Domestic commercial vehicle industry expects to grow by 7-10% in FY24: Icra

The domestic commercial vehicle industry volumes are expected to grow by 7-10 per cent in FY2024, supported by replacement demand, pick-up in mining, infrastructure construction activities and overall healthy fleet utilisation levels, rating firm Icra said on Thursday. This is despite the 5 per cent year-on-year and 41 per cent sequential contraction in volumes in April 2023, it noted. The growth in FY2024 would follow a year of healthy demand in FY2023, wherein the industry volumes expanded by more than 33 per cent, supported by a favourable base, as well as a healthy pick-up in macroeconomic activity, Icra said. The scrappage policy, which was announced in March 2021, has been implemented from April 1, 2023, and is likely to contribute to the growth of new commercial vehicle sales, it added. "The major impact of the scrappage policy is expected in the CV (Commercial Vehicle) segment, especially passenger carriers, as the usage of other vehicles such as two-wheelers, passenger ...

Commercial vehicles sales of Indian automakers slump by 50% MoM in April

India's wholesale commercial and passenger vehicle sales growth moderated in April, following a boost from the festive season

Eicher Motors' CV arm posts sales uptick of 18.9% to 6,567 units in April

Eicher Motors Ltd on Monday said its arm VE Commercial Vehicles Ltd posted an 18.9 per cent growth in total sales at 6,567 units in April 2023. VE Commercial Vehicles (VECV), a joint venture of the Volvo Group and Eicher Motors, had sold 5,525 units in April 2022, Eicher Motors said in a regulatory filing. April 2023 sales included 6,399 units of the Eicher brand and 168 units of the Volvo brand, it added. In the domestic commercial vehicles market, Eicher branded trucks and buses recorded sales of 6,142 units last month as compared to 4,766 units in April 2022, a growth of per cent. Exports of Eicher branded trucks and buses, however, declined 60.5 per cent at 257 units as compared to 650 units in December 2022, it added.

Tata Motors domestic sales fall 4% in April, passenger vehicle sales up 13%

The sales of commercial vehicles fell sharply by 27% to 22,492 units in April this year. It was 30,838 last year

Mahindra & Mahindra to increase LCV production capacity as demand rises

As per the SIAM data, M&M's domestic sales of LCVs in this segment reached 198,121 units in 2022-23, indicating that production capacity is almost fully utilized

Daimler India reports 'strong' growth in revenue, sales in CY 2022

Daimler India Commercial Vehicles (DICV) on Monday announced growth in its sales and revenue in 2022, selling over 29,000 units during the calendar year (CY). A company release said "despite supply chain headwinds and adverse cost environment, 2022 was one of the most successful business years." "The company reported a revenue growth of 37 per cent and a sales growth of 25 per cent in CY 2022 over CY 2021. 2022 was especially the best year of growth as DICV sold a total of 29,470 domestic and export units of trucks and buses in the calendar year," DICV, a wholly-owned subsidiary of Daimler Truck AG, Germany, said. In 2022, the vehicle-maker crossed the production milestone of two lakh vehicles, including for domestic and exports. "The company recorded its best ever annual vehicle exports with 11,000 units, best-ever annual part sales (over 245 million parts) and best-ever annual domestic vehicle sales in 2022," it added. Satyakam Arya, Managing Director and CEO of DICV, said 2022

Maruti launches upgraded Super Carry to boost presence in LCV segment

M&M, Tata Motors dominate LCV segment with about 80% market share between them

Tata Motors announces hikes in commercial vehicle prices by 5% from April 1

Tata Motors on Tuesday announced increasing the prices of commercial vehicles by up to 5 per cent from April 1. The price increase comes in the wake of the implementation of the more stringent BS-VI phase II emission norms from next month, it said. The price increase will be applicable across the entire range of commercial vehicles, with the exact amount varying according to the individual model and variant, the company said in a statement. "Tata Motors will be implementing a price increase of up to 5 per cent on its commercial vehicles, starting from April," the company said. Tata Motors said it is upgrading its entire vehicle portfolio to conform to the stricter emission norms, which are set to come into force from April 1.