LCV & HCV
Tractor sales in India hit a rough patch, reflecting rural economic slowdown
Tractor sales in India, a key indicator of rural economic health, have dropped by 4% in the first nine months of the fiscal year. States like Maharashtra, Karnataka, and Telangana experienced significant declines, attributed to erratic weather conditions and lower agricultural output. However, Uttar Pradesh saw a 6% increase in tractor sales, but it couldn't offset the declines in other states.
Ashok Leyland reaches 3 million production milestone at Pantnagar plant
Ashok Leyland, a Hinduja Group flagship company, has rolled out three million units from its Uttarakhand factory, marking a significant milestone in its vision to become one of the top 10 Commercial Vehicle (CV) manufacturers globally. The company's commitment to innovation, technological advancement, and strong customer relationships is evident.
The rural economy is under stress, says Mahindra & Mahindra; cuts tractor industry sales forecast for FY24
"The rural economy is under stress. The sentiment is more negative than what we expected," said Rajesh Jejurikar, executive director, farm equipment and automotive sectors at Mahindra & Mahindra said at a press briefing after December quarter results. He cited weak government spending, uneven rainfall distribution, low reservoir levels and weak mandi arrivals of kharif crop as the key reasons. Negative farm sentiments are also seen in the slow progress of rabi sowing, he noted in his presentation.
Farmers' demand for guaranteed MSP unlikely to have significant impact on tractor industry: M&M
Mahindra & Mahindra reports Q3 PAT increase to Rs 2,658 crore. Tractor sales decline 4.1%. Tractor industry volume declines due to weaker monsoon, weather vagaries, high base, and lower reservoir levels. Farmers' protest unlikely to impact tractor industry. Maharashtra, Andhra Pradesh, Telangana, and Karnataka markets face stress. Good monsoon and reservoir levels will boost rural sentiment.
Ashok Leyland progressing well in network expansion in North & East
Ashok Leyland in the first nine months of the financial year ending December 31, 2023 reported its highest turnover of Rs 27,100 crore, highest sales volume at 1,38,416 units, EBITDA of Rs 3,014 crore and Profit After Tax of Rs 1,718 crore.
Niti Aayog moots sops, extension of PLI to LNG vehicles
According to the Aayog, India's rapidly expanding trucking market, which is expected to more than quadruple from 4 million trucks in 2022 to roughly 17 million by 2050, offers immense scope for lowering emissions and encouraging investments for growth.
NITI Aayog bats for incentives for LNG-fuelled commercial vehicles
NITI Aayog has proposed fiscal and non-fiscal incentives along with VAT reduction and accelerated depreciation to encourage the use of LNG-fueled vehicles. They have also suggested setting up a demand aggregator for buying LNG trucks. The aim is to lower carbon dioxide emissions and increase the share of natural gas in the energy mix. Furthermore, they recommend including LNG vehicles in the production linked incentive scheme and providing non-fiscal incentives such as priority lane access and extended vehicle life.
Ashok Leyland would confidently move towards 35% market share in MHCV segments: Hinduja
The company expects to maintain its market share in the medium and heavy commercial vehicle segments and aims to reach 35% market share in the future. Ashok Leyland has seen growth in the bus segment, with a 65% increase, twice the industry growth. The company has also improved its market share from 28.2% to 33%. Additionally, Ashok Leyland is nearing market trials for fully electric 55-tonne AVTAR Tractor Trailers and plans to expand its dealer network to reach 1,000 dealers.
VECV forays into small commercial vehicle segment
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.
TAFE Ltd to invest Rs 500 cr, inks pact with Tamil Nadu govt
TAFE Chairman and Managing Director Mallika Srinivasan said, "Tamil Nadu is one of the most industrialised states, with an evolved industrialised culture, investor-friendly government, rich and diverse talent pool and inherent strengths that are conducive for innovation." TAFE is keen to leverage the vibrant ecosystem of Tamil Nadu and work closely with the Tamil Nadu government as it invests in new growth opportunities, she added.
Tata Motors bags order for 1,350 bus chassis from UP State Road Transport Corporation
Tata Motors, India’s largest commercial vehicle manufacturer, today announced that it has secured a prestigious order from the Uttar Pradesh State Road Transport Corporation (UPSRTC) to supply 1,350 units of the Tata LPO 1618 diesel bus chassis. Developed for intercity and long-distance travel, the Tata LPO 1618 conforms to BS6 emission protocols, delivers superior performance, excellent passenger comfort and offers best-in-class total cost of ownership (TCO).
Ashok Leyland bags order for 552 buses from Tamil Nadu transport entity
Commercial vehicle major Ashok Leyland on Thursday said it has bagged an order to supply 552 buses from Tamil Nadu State Transport Corporation (TNSTC). The ultra-low entry (ULE) buses would be used for public transport, the company said in a statement.
Ashok Leyland posts 3 per cent dip in total sales in November
The cumulative sales till November 2023 rose by 7 per cent, to 1,22,092 from 1,14,370 units sold in the same month of last year. The cumulative sales of medium and heavy commercial vehicles as of November grew by 8 per cent to 76,936 units as compared to 71,356 units sold in the same month of last year.
Commercial vehicles set for heavy-duty FY24 sales, revenue expected to rise 30%
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's CV market to hit new peak in FY24, outlook strong: Ashok Leyland
After hitting a multi-year low in FY21 due to the pandemic, India's truck and bus market has been growing in the last couple of years. In FY23, it surpassed the FY18 peak with 962,000 vehicles. It had sold 856,000 in FY18, according to the Society of Indian Automobile Manufacturers.
Tractor sales stay in slow lane as weak rains dampen demand
Led by Diwali, which begins with Dhanteras later this month, manufacturers expect sales momentum to return in the current month. Advancing for four straight years from FY20, tractor sales in India ended FY23 with a record 944,000 units, up 12% YoY. Domestic tractor sales in October dropped 5% to 117,714 units from 123,526 in the same period a year ago, according to data from Tractor Junction.
