Schedule a Call Back
VECV targets new export markets and EVs in India, celebrating 15 years
Industry News- Sep 21,23
Volvo Eicher Commercial Vehicles (VECV) plans to broaden its footprint in the domains of light and medium-duty as well as heavy-duty trucks and buses.
Volvo Eicher Commercial Vehicles (VECV) announced its intent to explore fresh export opportunities while emphasising its interest in India's electric vehicle (EV), compressed natural gas (CNG), and liquid natural gas (LNG) vehicle sectors. This announcement coincides with the company's 15th anniversary in India and underscores its commitment to expanding its presence in export markets across West Asia, South East Asia, and Africa. VECV plans to broaden its footprint in the domains of light and medium-duty as well as heavy-duty trucks and buses.
Vinod Aggarwal, VECV's Managing Director and CEO, elaborated on their global outlook, stating, "Traditionally, we have enjoyed strong footholds in the South Asian market, encompassing countries such as Bangladesh, Nepal, and Sri Lanka. Presently, we are actively pursuing markets in West Asia, South East Asia, including Indonesia and Malaysia, select African nations, and even Latin America."
Sofia Helena Frandberg, Chairperson of VECV, reflected on the company's remarkable journey, remarking, "When we commenced operations in 2008, our revenue was around $200 million. Today, we have grown to an impressive $2.2 billion in size. This year's growth has been phenomenal, and we have made substantial investments in product diversity, production capacity, and service networks. VECV is exceptionally well-positioned for sustained expansion."
Aggarwal further elaborated on their strategy, saying, "We have already established a strong presence in the CNG segment. Regarding LNG, we stand prepared for market entry as soon as the requisite infrastructure is in place. Additionally, we are making substantial strides in the electric vehicle sector, with a strong focus on all these aforementioned areas."
In September, VECV inked an agreement with GreenCell Mobility, committing to supply 1,000 Eicher electric buses for NueGo, the mass mobility company's inter-city operations over the next five years.
In August, VECV announced collaboration with Amazon to electrify the e-commerce giant's delivery operations in India. This partnership aims to introduce 1,000 zero-emission electric trucks across various payload categories into Amazon's delivery network within the next five years.
VECV encompasses five business verticals, including Eicher Trucks and Buses, Volvo Trucks India, Eicher Engineering Components, VE Powertrain, and VECV Engine Business. Aggarwal underscored how this joint venture has facilitated advancements in new product development, quality assurance, standardisation, manufacturing, sales, and research and development. Furthermore, the collaboration with Volvo has streamlined production costs for the company.
Source: Business Standard
VECV
Export Markets
Electric Vehicles
CNG Vehicles
LNG Vehicles
India Expansion
15th Anniversary
Collaboration
Growth
Market Share
Sustainability
Amazon Partnership
Green Mobility
Related Stories
Smart Manufacturing
US-giant Rockwell Automation looks at India expansion with more factories
The industrial automation equipment maker, which completed 40 years in India in 2023, counts many manufacturing giants, including Reliance Industries, Mahindra Group and MRF, as its customers.
Read moreSmart Manufacturing
Zen Mobility unveils game-changing manufacturing hub for Zen Micro Pods
Zen Mobility unveiled a production facility for their flagship electric cars, the Zen Micro Pods, designed for city commuters.
Read moreOther Industrial Products
Honeywell announces sustainable solutions for methane reduction
In 2021, approximately 60 percent of Honeywell’s new product introduction research and development investment was directed toward products that improve environmental and social outcomes for custom..
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
