Schedule a Call Back
Volvo Group sales surged by 54% in the previous fiscal year
Industry News- Oct 04,23
Volvo Group’s Sofia Frandberg, expressed strong confidence in India's potential for significant growth over the next decade.
A high-ranking executive from the Swedish commercial vehicle giant Volvo Group, Sofia Frandberg, expressed strong confidence in India's potential for significant growth over the next decade. Frandberg, who serves as the chairperson of VE Commercial Vehicles (VECV), emphasised India's pivotal role in global manufacturing operations for Volvo Group.
During her inaugural visit to India after assuming her role at VECV, Frandberg highlighted the remarkable progress witnessed across various sectors, including buses, trucks, engines, and components. She underscored substantial investments made in technology, product development, industrial capacity strengthening, and digitalisation at VECV. Frandberg stated that the company was strategically positioned for further expansion, aiming to manufacture products in India for both domestic and international markets.
VE Commercial Vehicles, a joint venture between Eicher Motors and Volvo, emerged as the fourth-largest commercial vehicle manufacturer in India, achieving impressive sales figures. The company's sales surged by 54% in the previous fiscal year, outpacing industry growth. Additionally, VECV successfully exported vehicles and components to various countries, including the Middle East, South Africa, and Indonesia.
Frandberg highlighted the strategic collaboration between Volvo Group and Eicher Motors, emphasising the significant achievements, such as VECV becoming the exclusive global producer of 5-litre and 8-litre diesel engines for Volvo. She expressed optimism about the immense opportunities in the rapidly growing Indian economy, citing factors like decarbonisation, sustainable mobility, digitalisation, demographics, and diversity as key drivers for India's future development.
Frandberg's positive outlook reflected the Volvo Group's strong belief in India's strength and potential, positioning the country as a crucial player in their global manufacturing landscape.
Source: Indiatimes
Volvo Group
India growth
Commercial vehicles
Manufacturing operations
Sofia Frandberg
VECV
Eicher Motors
Sustainable mobility
Digitalisation
Global expansion
Related Stories
Auto & Auto Components
MAHLE promotes technological diversity in transportation
The group supplies over 120 international commercial vehicle brands in the on- and off-highway sector.
Read moreAuto & Auto Components
Commercial vehicles to decline 3-6%; two-wheelers to grow 7-9% in FY25 India
Both segments have experienced significant transformations and faced unique challenges over the past few years, particularly in the wake of the COVID-19 pandemic.
Read moreSmart Manufacturing
43% Indian MSMEs to increase digitalisation budget
Vi has launched an enhanced Digital Assessment Tool, both in English and Hindi as an extension of its dedicated MSME program.
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
