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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
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