Source : PTI | Domestic commercial vehicle industry is expected to touch the peak sales volume of 2018-19 this fiscal and grow briskly over the next few years coinciding with the growth of the overall economy, VE Commerical Vehicles MD and CEO Vinod Aggarwal said on Monday. He noted in the first seven months (April-October), the heavy duty truck segment has grown by 15 per cent.
“We are expecting that this year the industry should either be very near to the peak or it may even cross earlier peak of 2018-19,” Aggarwal told PTI here in an interaction.
The industry is expected to grow over the next few years with the economy slated to cross the USD 5 trillion mark, he noted.
“There are fundamental reasons for this growth in the next few years. If we look at the economy, we are now at around USD 4 trillion mark and this economy is going to reach the USD 5-7 trillion mark the way it is growing,” Aggarwal said.
And if the economy grows, the commercial vehicle industry also grows because when more goods are produced more commercial vehicles are required to move them from one place to another, he noted.
Secondly, the new age customers like e-commerce companies seek better turnaround time and therefore old trucks are expected to be replaced by new ones leading to enhanced sales for the industry, he said.
“When new trucks are offering a better cost of ownership then it means the old trucks cannot do the job…the e-commerce customers, they define very clearly that my goods need to be delivered in so many hours. They do not tolerate if a truck delivers late…So therefore all the older trucks will come back for replacement,” Aggarwal said.
Besides, there is huge investment lined up for infrastructure development in the country and that augers well for the growth of the commercial vehicle industry, he noted.
“When you have more capital investments, more infrastructure projects it means you need more construction trucks because cement and steel can only be moved by trucks or by railways,” Aggarwal said.
Elaborating on how VECV, a joint venture between the Volvo group and Eicher Motors, is gearing up to meet the enhanced demand, he noted that the company is ready to offer technologically superior products in the market.
“We are absolutely well placed to shape up the future of the commercial vehicle industry,” Aggarwal said citing long association with the Volvo group.
He also noted that the company is working on host or alternative powertrains to prepare for the future.
On Friday, the company introduced four heavy-duty trucks under the Eicher Non-Stop Series for the fast-evolving long-haul transportation requirements in the country.
Source: worldautoforum.com
UAW strike lost Ford 100,000 sales and cost $1.7 billion in lost profits
DETROIT — A six-week United Auto Workers strike at Ford cut sales by about 100,000 vehicles and cost the company $1.7 billion in lost profits this year, the automaker said Thursday. Additional labor costs from the four-year and eight-month agreement will total $8.8 billion by the end of the contract, translating to about $900 per vehicle by 2028, Chief Financial Officer John Lawler said in a … [Read More...]
MG Motor India Tops 2023 India JD Power CSI Study for Third Consecutive Year
DELHI: 30 Nov. 2023 — High implementation of service advisor actions during pre-service assists original equipment manufacturer (OEM) workshops in a multi-faceted manner, according to the J.D. Power 2023 India Customer Service Index (CSI) Study,SM released today. After a hiatus since 2021, J.D. Power has re-launched the India Customer Service Index Study in collaboration with … [Read More...]
Alleged Cadillac Celestiq key fob looks like any other Cadillac key fob
The image above is the key fob for a 2023 Cadillac Escalade. GM Authority has images of what it says is a key fob for the Cadillac Celestiq, the hand-assembled battery-electric sedan Cadillac says "Establishes a new standard of automotive luxury" that starts at $340,000. The Celestiq key fob looks just like Escalade fob above, with two changes: there's a seventh button on the front, and a … [Read More...]
Ford says UAW strike cut profits by $1.7B; new contract to cost $8.8B
Ford said the UAW's new contract would increase labor costs by $8.8 billion, or an average of $900 per vehicle in 2028. Source: autonews.com … [Read More...]
6 New Subaru Models Are Coming In 2024
Subaru has new models coming in 2024, and there is something new for every type of buyer. Subaru has new SUVs, a new hybrid, and sports cars coming next year. Here is the list. See if you may be interested in one of them. 2025 Subaru Forester The remodeled sixth-generation 2025 Subaru Forester compact SUV is coming in the spring 2024. I covered the new Forester reveal when it made its … [Read More...]
Tesla Cybertruck deliveries to begin shortly: What the EV may mean for Elon Musk, world's richest person?
Tesla Cybertruck is the world's most-awaited electric vehicle (EV) and its unveil to delivery timeline has stretched almost four years. That's quite a wait for an EV that's often described to be as unconventional as the CEO of the company behind it. Whether one is in awe or extremely critical, it is generally agreed by all that both Cybertruck and Elon Musk have a lot to prove, achieve and … [Read More...]
UAW organizing Tesla would mean 'we failed in some way,' Musk says
The EV maker enables line workers to become managers and even millionaires, Musk said. A union would get in the way. "If Tesla gets unionized, it will be because we deserve it and we failed in some way," he said. Source: autonews.com … [Read More...]
Our Next Energy develops EV battery with 608-mile range for BMW iX
Most EVs can drive 200 to 300 miles on a full charge, according to J.D. Power. Source: autonews.com … [Read More...]
Subaru Tops The List Of All Cars With The Most Speeding Tickets With 3 Models
Subaru is known for its sports cars, and they are getting a reputation as the automaker with a dark side that I wrote about recently. A new study from Insurify Insights reveals the ten car models with the most speeding tickets. Subaru is the automaker with the most models on the list. Subaru now has three models with the most speeding traffic citations.I cover the models with the most speeding … [Read More...]
This Komaki electric scooter is available with nearly ₹19,000 discount
Electric two-wheeler manufacturer Komaki has announced a ₹18,968 cash discount for its LY electric scooter. In an official release, the electric vehicle manufacturer stated that the Komaki LY is now available at a price tag of ₹78,000 (ex-showroom), down from its original pricing of ₹96,968 (ex-showroom). The EV maker further stated that this discount is available for a limited time. However, the … [Read More...]