Daimler India CV posts record sales in 2023 boosting growth in revenue

Daimler India Commercial Vehicles, the subsidiary of truck manufacturer Daimler Truck AG, recorded a 39 per cent growth in sales of trucks and buses in 2023, a top official said on Tuesday.

The Indian subsidiary of Germany-based Daimler Truck posted a 13 per cent growth in cumulative sales in 2023 backed by strong product demand, thereby boosting a surge in revenues, the official said.

In 2023, sales of domestic trucks and buses grew by 39 per cent while revenues went up by 21 per cent. The auto parts business also witnessed a 21 per cent growth last year.

The company recorded a 107 per cent sales of buses in 2023, while cumulatively (including exports) sales grew by 13 per cent as compared to 2022.

"Our best sales and financial growth since inception was spearheaded by excellent demand for our tipper and trailer product lines which grew 53 per cent and 79 per cent respectively. A slew of strategic initiatives that we undertook in 2023 also helped us to make informed decisions on costs, tackle headwinds effectively, and sharpen our focus on key areas of our business," Daimler India Commercial Vehicles (DICV) Managing Director and CEO Satyakam Arya said.

The record business performance was driven by multiple initiatives that DICV undertook in 2023 which include meeting its target of establishing 350 sales and service locations across India and expanding BharatBenz's (a division of Daimler Truck AG) range of products in new markets.

Manufacturing operations at the company's facility in Oragadam near here were streamlined and made cost-effective by introducing many digitisation initiatives such as automated workforce planning and predictive maintenance using data, he said.

Nearly 85 per cent of the manufacturing at the 400-acre production facility here runs on renewable energy, he added.