Page 6 - Commercial Vehicles

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

Ashok Leyland MHCV volume 91% in FY23, sees industry demand gaining

Company increases market share in commercial vehicle segment, credits 'development initiatives in key industries'

PV, CV segments drove auto sales in FY23; demand moderation likely in FY24

PV industry 'very sentiment-driven', will close financial year with 24% growth rate: Analyst

Tata Motors to raise prices of commercial vehicles by 5% from April

This would be the fourth price hike by India's largest automobile maker this fiscal year

Up but not out of the woods: Pain points & what's on offer in Budget

There was a 7 per cent year-on-year decline in the January numbers reported by the country's largest manufacturer Tata Motors

Leyland bags contract to supply 500 buses to Sri Lanka Transport Board

Over 5,000 Ashok Leyland buses are currently in operation with SLTB, the company said

Auto Expo 2023: Ashok Leyland to expand scope of its connected network

Through the telematics-driven connected network, the company helps vehicles on the ground in predicting problems along with quick support in case of breakdowns to AI-based customer solutions

Tata Motors promises commercial vehicle range for city transportation needs

Tata Motors will commercially introduce Ace EV in 10 cities, starting with Delhi, Pune and Mumbai, followed by Bengaluru, Hyderabad and Chennai

Rising gas prices constrain CNG penetration in commercial vehicles: Icra

Rising gas prices have constrained CNG penetration in commercial vehicles to 9-10 per cent in the current fiscal from peaks of 16 per cent, Icra Ratings said on Friday. A spurt in global energy prices has led to a 70 per cent jump in the price of CNG in the last one year. This has narrowed the gap between the fuel and diesel, blurring the incentive to shift to the cleaner fuel. In a statement, the rating agency said CNG penetration in the domestic commercial vehicle (CV) sector has witnessed a decline in the current fiscal, especially in the MCV truck segment. "Rising CNG prices have narrowed the gap with diesel and in turn, diminished the running cost savings from CNG vehicles, which has been the key deterrent," it said. Notwithstanding the recent decline witnessed in CNG penetration, medium-term prospects remain favourable given the improving CNG fuelling infrastructure and push for cleaner vehicles, it added. Icra said CV industry has witnessed a contraction in the penetration

Ashok Leyland appoints Shenu Agarwal as new managing director, CEO

Shenu joins Ashok Leyland from Escorts Kubota Ltd, where he was president

Sundaram Finance looks to grow AUM beyond Rs 50,000 crore in 3 years

The Chennai-based non-banking finance company is looking to scale up SME lending share to 8-10 per cent share from present two per cent over the medium term