VE Commercial Vehicles (VECV) -- a joint venture of the Volvo Group and Eicher Motors -- sold 6,567 units in April 2023, Eicher Motors said in a regulatory filing.
It was basically recovering from the COVID period. And now, I would say you are right that the nominal GDP growth is 12%, 13%, the CV industry overall should grow better than that and we will see that happening I think in the future, it will happen.
With the rising middle class, consumption will get a boost. The overall GDP growth forecast of over 7%, continued policy support for infrastructure investments and electrification, a strong business case to replace old vehicles with vehicles conforming to BS-VI emission standards and designed for revised axle loads and focus on logistics efficiency are likely to drive the auto sector in 2024, Vinod Aggarwal, MD & CEO, VECV, told ETAuto .
VE Commercial Vehicles (VECV) has entered the small commercial vehicle (SCV) segment, unveiling its first product at the Bharat Mobility Global Expo 2024. Eicher Trucks and Buses, a division of VECV, introduced a range spanning 2T to 3.5T Gross Vehicle Weight.
VE Commercial Vehicles (VECV), a joint venture of the Volvo Group and Eicher Motors, had sold 7,221 units in December 2022, Eicher Motors said in a regulatory filing.
Sales of heavy duty trucks that can carry more freight has grown in healthy double digits - by 15% in the first seven months of the year, said Vinod Aggarwal, president of the Society of Indian Automobile Manufacturers (SIAM) and VE Commercial Vehicles (VECV) chief executive officer and managing director. VECV is a joint venture between the Volvo Group and Eicher Motors.
India is set to experience significant growth in the next decade and become a key player in manufacturing operations for the Volvo Group, according to Sofia Frandberg, Chairperson of VE Commercial Vehicles (VECV). Frandberg highlighted the company's strong growth in all segments, including buses, trucks, engines, and components. VECV, a joint venture between Eicher Motors and Volvo, has already become the sole global manufacturer of 5-litre and 8-litre diesel engines for Volvo.
On Friday, GreenCell Mobility and VE Commercial Vehicles announced that they had reached a deal to supply 1,000 electric buses over the following five years. The two parties have signed a memorandum of understanding, which envisages VE Commercial Vehicles (VECV) supplying 1,000 Eicher electric buses to GreenCell's intercity bus business, NueGo, the two companies said in a joint statement.
The order of 550 buses is an indication of the company's robust expansion plans going forward to become a pan-India operator, Vijayanand Travels said in the statement. "Vijayanand Travels has placed the largest order in India for 550 intercity buses from Volvo and Eicher. The approximate worth of the order is Rs 500 crore, which includes 500 units of Eicher Intercity 13.5m AC and non-AC sleeper coaches and 50 Volvo 9600 luxury sleeper coaches," it said.