Page 5 - Commercial Vehicle

Eicher enters small commercial vehicles segment, unveils 'EV-first' truck

The vehicle is scheduled for customer trials in April 2024, with a commercial rollout expected in the first quarter of 2025

Mahindra expects to sustain growth momentum in SCV segment in FY25

Mahindra & Mahindra expects to sustain growth momentum in the small commercial vehicles segment in the next fiscal, as it looks to keep refreshing the range as per customer needs, a senior company official said on Thursday. The company on Thursday introduced the new Supro Profit Truck Excel series, available in both diesel and CNG Duo variants, priced between Rs 6.61 and Rs 6.93 lakh, respectively. The Small Commercial Vehicles (SCVs) are designed to cater to the needs of last-mile connectivity. "We are expecting the industry to grow 5-10 per cent next fiscal and we would like to do better than that," Mahindra Auto Vice President and Head of Sales Baneshwar Banerjee told PTI. He said the company keeps working towards continuous interventions in its product range as per customers' requirements. As part of that, the company plans to introduce air conditioning in its pick-up range in the coming months, Banerjee said. He noted that while the industry has witnessed a 22 per cent dip

EVRE aims to capture 35% of commercial vehicle charging market by 2025

EVRE has set the target to secure a total of Rs 160 crore in equity by the end of 2024 to support its expansion plans

Vehicle loan AUM for NBFCs to cross Rs 8 trillion in 2024-25: CRISIL

The growth in AUMs will be driven by rising demand for commercial vehicles, cars, utility vehicles, and two-/three-wheelers

Himadri in five years will be a totally different company: CEO Choudhary

"The existing business is growing, positioning Himadri among the top three players in specialty carbon black," he says

Tata Motors to hike commercial vehicle prices by up to 3% from January 1

Tata Motors on Sunday said it will hike prices of its commercial vehicles by up to 3 per cent from January 1, 2024, to offset the residual impact of the past input costs. The increase will be applicable across the range of commercial vehicles, Tata Motors said in a statement. Passenger vehicle makers such as Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, Honda and Audi have also announced plans to increase vehicle prices in January.

Undeterred by price rise, CV sales likely to set a new record in FY24

Buoyed by improving highway infrastructure, demand for buses has grown by more than 35%. Overcrowded trains are also adding to the growing road-based transport

Ashok Leyland's Q2 net profit zooms over two-fold to Rs 569 crore

The company's revenue also surged by 19 per cent to Rs 11,429 crore

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