Page 4 - Commercial Vehicles

Daimler India Commercial Vehicles looks to drive in 14 models in 2024

'Bus market may see around 25-30 per cent growth, truck sales to remain flat this year'

Tata Motors to demerge businesses into two separate listed companies

The demerger will be implemented through an NCLT scheme of arrangement and all shareholders of Tata Motors shall continue to have identical shareholding in both the listed entities

Tata Motors plans to demerge business into two separate companies

'The demerger is a logical progression of the subsidiarisation of PV and EV businesses done earlier in 2022 and shall further empower the respective businesses,' Tata Motors said in a statement

Ashok Leyland would move towards 35% mkt share in MHCV segments: Hinduja

Hinduja Group flagship Ashok Leyland would safely remain above 30 per cent market share in the medium and heavy commercial vehicle segments and confidently move towards 35 per cent going forward, a top official said on Tuesday. The company expects to continue its growth in the medium, heavy and light commercial vehicle segments. The city-headquartered company reported a 61 per cent rise in net profit of Rs 580 crore on the back of robust sales. The company had posted a net profit of Rs 361 crore in the year-ago period. "The third quarter (of the current financial year) has been the best for Ashok Leyland. Before the start of this financial year we had expected that the medium and heavy commercial vehicle industry will grow at 8-10 per cent. The market has grown by 9 per cent (as of October-December 2023 period). Ashok Leyland has grown by 7 per cent in line with the industry growth and growth in bus segment is at 65 per cent almost twice the industry growth," Dheeraj Hinduja, the ..

Balu Forge Industries Q3 result: Net profit grows over two-fold to Rs 25 cr

Balu Forge Industries Ltd (BFIL) on Saturday reported over two-fold rise in its consolidated net profit to Rs 25.4 crore for the December quarter, boosted by higher income. It had posted a net profit of Rs 11.4 crore during the October-December quarter of 2022-23, the company said in an exchange filing. The company's total income rose to Rs 148.9 crore, up 55 per cent over Rs 92 crore in the year-ago quarter. Trimaan Chandock, Executive Director of BFIL said, "The growth was led by our constant focus on client addition and continued demand for our products in the existing and new industries like railways, defence and heavy commercial vehicles." The company's EBITDA grew by 72.1 per cent and margins improved to 22.24 per cent in the third quarter of FY24 from 19.58 per cent a year ago owing to an increase in scale of operations and increased demand for heavier products which tend to yield better margins, he said. BFIL facility is located in Belgaum, Karnataka and has an existing ..

Assam: Transporters calls 2 day strike against new laws on hit-and-run

Movement of all commercial vehicles in Assam is likely to come to a halt as a joint forum of all transporters' unions called for a strike for 48 hours from Friday to protest against the new penal law on hit-and-run cases. Multiple associations of public transport, including buses, cabs and autos, goods carriers and fuel tankers, have joined hands and announced their participation in the agitation. "The government only wants to blame drivers for any unfortunate incident even if they may not have committed the crime. Instead of improving road conditions, they are penalising the poor drivers," said Ramen Das, the convenor of Assam Motor Worker Associations' Joint Platform. He said no driver intentionally commits a fatal accident and many times, the fault is of others involved in mishaps. "The new law on hit-and-run cases is anti-driver and is against owners of vehicles. We call for a strike of all vehicles from 5 am on Friday to 5 am on Sunday to press our demand for withdrawal of the

Election code impacts commercial vehicle sales in post-festival period

When asked about this, a company executive of a leading CV player said that the figures for only one month were down due to some stock correction happening at the retail end

Tata Motors partners with HDFC Bank for commercial vehicle financing

Tata Motors on Thursday said it has partnered with HDFC Bank to provide digital financing solutions for its commercial vehicle customers. The two companies have signed a Memorandum of Understanding (MoU) to this effect, Tata Motors said in a statement. Under this partnership, Tata Motors customers can now seamlessly access HDFC Bank's vehicle financing solutions through Tata Motors' online sales platform and the Tata e-Guru mobile application, it added. "The integration of financial services into the digital ecosystem will ensure a streamlined process, allowing customers to select their preferred financier that suits the requirements," the company said. Tata Motors Vice President & Business Head Trucks, Rajesh Kaul said, "This partnership aligns with our commitment to enhancing customer experience through innovative digital solutions. By integrating HDFC Bank's expertise and reach, we aim to empower our customers with a range of financial choices that suit their unique ...

M&M to hike prices of passenger, commercial vehicles from Jan 2024

Mahindra & Mahindra on Wednesday said it will hike prices of its passenger and commercial vehicle model range from January next year. This adjustment is in response to the rising costs due to inflation and increased commodity prices, the company said in a statement. The company has made efforts to absorb as much of these additional costs as possible. However, a portion of this increase will be passed on to customers, it added. The extent of the price increase will vary across different SUVs and commercial vehicles, the automaker stated.

Tata Motors launches Intra V70, Intra V20 Gold, and Ace HT+ trucks in India

Tata Motors, said that these vehicles have been developed based on specific inputs and demand from a large segment of actual users

Commercial vehicle segment set for growth with expanding economy: VECV MD

Domestic commercial vehicle industry is expected to touch the peak sales volume of 2018-19 this fiscal and grow briskly over the next few years coinciding with the growth of the overall economy, VE Commerical Vehicles MD and CEO Vinod Aggarwal said on Monday. He noted in the first seven months (April-October), the heavy duty truck segment has grown by 15 per cent. "We are expecting that this year the industry should either be very near to the peak or it may even cross earlier peak of 2018-19," Aggarwal told PTI here in an interaction. The industry is expected to grow over the next few years with the economy slated to cross the USD 5 trillion mark, he noted. "There are fundamental reasons for this growth in the next few years. If we look at the economy, we are now at around USD 4 trillion mark and this economy is going to reach the USD 5-7 trillion mark the way it is growing," Aggarwal said. And if the economy grows, the commercial vehicle industry also grows because when more good

Commercial EV-maker Euler Motors raises Rs 120 cr in funding round

Commercial electric vehicle maker Euler Motors on Monday said it has raised Rs 120 crore in a funding round from a bunch of investors. The ongoing series-C extension round saw commitment from British International Investment (BII), the UK government's development finance institution and impact investor, which is co-investing with Blume Ventures in the company, Euler Motors said in a statement. The company said it has also onboarded Green Frontier Capital, India's first investment firm focused on growth companies as part of this fundraising round along with existing investors, it said. The freshly raised capital from the ongoing series-C extension round will be deployed strategically to drive Euler Motors' pan-India expansion initiatives, as it plans to enter 40 cities by the end of FY 2023-24, the company said in a statement. The extension round takes the tally of total investments to about Rs 690 crore, it said. "Euler Motors successfully raised Rs 120-crore in the ongoing series

Entry of polluting trucks and commercial vehicles banned in Delhi

The Centre on Sunday ordered a ban on construction work related to linear public projects in Delhi-NCR and the entry of polluting trucks and commercial four-wheelers into the capital as an air quality crisis gripped the region. These measures constitute the final stage, Stage IV, of the Centre's air pollution control plan, which is activated at least three days before the Air Quality Index surpasses the 450 mark in the capital. However, proactive implementation could not happen this time. The CAQM, a statutory body responsible for formulating strategies to combat pollution in the region, asked Delhi and NCR states to implement all emergency measures, which also include work-from-home directives for 50 per cent of staff in government and private offices. Under the final stage (Stage IV) of the Graded Response Action Plan, only CNG, electric, and BS VI-compliant vehicles from other states are allowed to enter Delhi, with exemptions granted to those involved in essential services. Al

Adani Total meets Hindenburg's predicted valuation with 85% plunge in stock

The shares of the conglomerate's city-gas distributor slid as much as 2.6 per cent to 575.7 rupees on Monday, taking losses from their January 24 closing of 3,891.75 rupees to 85 per cent

CEAT eyes market leadership in EV tyres within the next two years

Banerjee said that Ceat is focusing on specialty tyres, whether for agricultural use or other segments

VECV marks 15 years in India, says focused on exports and EV growth

The company also expressed its commitment to aggressively target markets such as West Asia, South East Asia, and Africa for future export growth

10-12% price hike in commercial vehicles likely: Credit rating agency Icra

There are a number of proposed regulatory changes that could further increase the cost of CVs

New regulation can raise commercial vehicle prices by 10-12%: ICRA

Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12 per cent, ratings agency ICRA said on Monday. In its report on the Indian commercial vehicle industry, ICRA said the domestic automotive industry is undergoing rapid transformations, with increased focus by the government on implementing emission norms, safety systems and other standards that will bring the country at par with other major automotive markets. "Within the Indian automotive industry, the commercial vehicle (CV) sector has been the focus, given that CVs account for the major part of vehicular emissions in the country," it said, adding mandatory standards towards driver comfort and safety can help improve the driving conditions and road safety to a large extent. Accordingly, ICRA said there have been multiple regulatory interventions in the recent past, with the industry adopting stringent emission standards in a relatively short span of time, as well as driver ..

Mahindra to fully utilise production capacity of CVs in 2-3.5 tonne range

Mahindra & Mahindra on Tuesday said it is looking to fully utilise its production capacity of commercial vehicles in the 2-3.5 tonne payload category in the current fiscal. The company may also look at adding some additional capacity as per the market situation. Mahindra currently rolls out around 17,500 units of vehicles with a payload capacity ranging between 2 and 3.5 tonnes per month from its plants in Kandivali and Chakan in Maharashtra. "Our current production capacity is 17,500 units a month for such vehicles (2-3.5 tonne). If market demand is there, we may take a call to increase it," Mahinda & Mahindra VP and National Sales Head (Auto Division) Baneswar Banerjee told reporters here. Mahindra sold around 2 lakh units last fiscal in the segment and aims to do better in the current fiscal, he added. The company already has a market share of 60 per cent in the segment. The total market for 2-3.5 tonne payload vehicles stood at around 3.31 lakh units in FY23. "We expect ...

Automobile retail sales up 14% in March; post 21% YoY growth in FY23

All vehicle categories, except tractors, post double-digit growth for March and the full financial year