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Updated On: 10-Jan-2025 09:29 AM
Catch key industry updates: FADA sales reports, EV innovations, Gaganjot Singh as Swaraj CEO, and more in CMV360's wrap-up.
Welcome to this week’s edition of the CMV360 Weekly Wrap-Up! We bring you the latest highlights from the commercial vehicle, agricultural machinery, and electric mobility sectors. This update covers significant sales trends, exciting product launches, and government policy changes shaping the industry.
From FADA’s latest sales report to EKA Mobility and Montra Electric unveiling cutting-edge electric vehicles at upcoming expos, we delve into key developments. We also explore how tractor giants like Mahindra and Sonalika are setting milestones, and Moonrider’s funding success for electric tractor innovation. Stay tuned for insights into the evolving landscape of transportation and agriculture!
FADA Sales Report December 2024: CV sales decreased by 5.24% YoY
In 2024, total commercial vehicle (CV) sales reached 10,04,856 units, marking a marginal 0.07% growth compared to 2023. However, December 2024 saw CV sales decline by 12.13% month-on-month and 5.24% year-on-year, totaling 72,028 units. Light Commercial Vehicles (LCV) experienced the sharpest drop, falling 16.28% MoM and 7.05% YoY.
Tata Motors retained its lead with a 33.58% market share, while Mahindra & Mahindra and Ashok Leyland held steady positions. Dealers anticipate slight growth in January 2025, fueled by stronger fourth-quarter demand and infrastructure projects. For more sales updates, follow CMV360.
FADA Sales Report December 2024: Three-wheeler (3W) sales decreased by 4.57% YoY
In December 2024, total three-wheeler sales fell to 93,892 units, a 4.57% drop compared to 98,384 units in December 2023. E-rickshaw goods sales surged by 57.80% YoY, reaching 5,826 units, while passenger three-wheeler sales declined by 4.83% YoY to 38,031 units. Bajaj Auto led with 28,998 units sold, followed by Piaggio Vehicles and Mahindra & Mahindra.
Despite challenges, some brands like Zeniak Innovation India Ltd achieved significant growth. While e-rickshaw goods showed resilience, overall market performance reflects demand hurdles. Follow CMV360 for more updates on FADA sales reports.
Retail Tractor Sales Report December 2024: 99,292 Units Sold with Mahindra Leading the Market
Tractor sales surged by 25.8% year-on-year, reaching 99,292 units in December 2024, with Mahindra & Mahindra leading the charge with 24.46% market share (24,289 units). Swaraj Division followed with 18.36% share, while TAFE Limited saw impressive growth, capturing 11.64% of the market.
Other notable performers included International Tractors (Sonalika) with 12.86% share, and Escorts Kubota, despite a decline in market share. Brands like Eicher and John Deere also reported positive sales figures but saw slight drops in their share.
The overall market growth reflects a booming demand for farm machinery, signaling a strong future for India’s agricultural sector.
EKA Mobility to Unveil Electric Commercial Vehicle Range at Bharat Mobility Auto Expo 2025
EKA Mobility will showcase its electric vehicle lineup at the Bharat Mobility Auto Expo 2025, from January 17-22. The display includes electric buses, trucks, and small commercial vehicles for city transport, logistics, and niche applications. Additionally, EKA will introduce EKA Connect, a vehicle management platform aimed at enhancing performance and efficiency.
Backed by Mitsui & Co. and VDL Groep, EKA Mobility is rapidly expanding in India’s EV market, with a recent ₹150 crore bus order from UPSRTC. Their commitment to sustainable mobility is reshaping commercial transport in India.
Government to Mandate Advanced Safety Features in E-Rickshaws, Trucks, and Buses
The government is set to mandate advanced safety features, such as electronic stability control, automated emergency braking, and driver drowsiness detection, in new trucks and buses. These features aim to enhance road safety and reduce accidents. The introduction of safety star ratings for e-rickshaws, similar to the BNCAP for cars, will address design and stability concerns. In 2024, 5.41 lakh e-rickshaws were sold, with safety improvements now a priority. A committee will develop guidelines to enhance the safety of e-rickshaws, a key mode of transport for last-mile connectivity in India.
Montra Electric to Unveil New Vehicles at Bharat Mobility Global Expo 2025
Montra Electric, the electric vehicle brand of the Murugappa Group, will launch two new electric commercial vehicles at the Bharat Mobility Global Expo 2025 on January 17. These vehicles include the e-SCV, Montra's first small electric commercial vehicle, and the Electric 3W Super Cargo, aimed at offering cost benefits for fleet businesses and individual operators. Additionally, Montra will showcase India’s first electric heavy truck trailer, the Rhino, which has completed over 5 million kilometers of trials. The company aims to strengthen India’s clean mobility ecosystem with these innovative vehicles.
Gaganjot Singh Takes Over as CEO of Swaraj Tractors, Succeeding Harish Chavan
Swaraj Tractors, part of the Mahindra Group, has appointed Gaganjot Singh as its new CEO, succeeding Harish Chavan. Singh brings over 13 years of global leadership experience from Group Michelin. He expressed excitement about joining the Mahindra Group and praised the passionate team at Swaraj. As a symbolic gesture, he drove a 45-year-old Swaraj tractor to honor the company’s rich legacy. Gaganjot aims to lead Swaraj into its next phase of growth and innovation in the agricultural machinery sector. His appointment has created anticipation for the company’s future success.
ACE Tractors, a leading name in agricultural machinery, has inaugurated its latest dealership, M/s Ram Tractors, in Etah, Uttar Pradesh, on December 29, 2024. The facility offers a wide range of advanced tractors, spare parts, after-sales services, and expert advice to enhance farmers productivity and sustainability. This new dealership strengthens ACE's network in Uttar Pradesh and aims to support farmers with reliable solutions for both small and large-scale farming. The grand opening was attended by local dignitaries and a large gathering of farmers, emphasizing ACE’s dedication to empowering agriculture.
ACE Tractors and Prathama U.P. Gramin Bank Partner to Empower Farmers in Uttar Pradesh
ACE Tractors has partnered with Prathama U.P. Gramin Bank to offer financial assistance to farmers for purchasing advanced ACE tractors. The collaboration, marked by the signing of a Memorandum of Understanding (MoU), aims to boost agricultural productivity and rural empowerment in Uttar Pradesh. The initiative focuses on providing affordable financing for fuel-efficient, high-torque, and low-maintenance tractors, helping farmers increase their efficiency and profitability. This partnership is expected to drive rural growth and contribute to sustainable agricultural practices.
Moonrider Secures ₹18.26 Crore to Boost Electric Tractor Innovation in India
Moonrider, a Bangalore-based electric tractor company, has raised ₹18.26 crore ($2.2 million) in seed funding to advance its cost-effective, sustainable electric tractor solutions for Indian farmers. The funding, co-led by AdvantEdge Founders and Micelio Technology Fund, will support Moonrider’s efforts to optimize tractor engineering, improve battery technology, and expand market reach. The company’s electric tractors offer a cost-effective alternative to diesel models, with a focus on reducing operational costs and promoting eco-friendly farming. Moonrider’s innovative technology is assured to revolutionize Indian agriculture, enhancing farmer productivity and supporting sustainable development.
Sonalika Joins Fortune 500 India 2024: A Major Milestone in India's Auto Industry
Sonalika Tractors has made its debut on the Fortune 500 India 2024 list, ranking 237th with a revenue of ₹10,341 crore. This marks a significant achievement for the Hoshiarpur-based company, which is India’s largest tractor exporter, serving over 150 countries. It is also the third-largest tractor manufacturer in India. Sonalika’s innovative manufacturing facility, which produces one tractor every two minutes, highlights its commitment to efficiency and technological advancement.
The company’s people-first approach and ethical practices, including supporting employees and vendors during the COVID-19 pandemic, have contributed to its success. Sonalika’s inclusion in the prestigious list demonstrates its impact on both the Indian economy and the global agricultural machinery industry.
Sh. L.D. Mittal, Chairman of International Tractors Limited, expressed pride in the company’s progress and emphasized its ongoing commitment to agricultural innovation.
This week’s wrap-up underscores the dynamic advancements in the commercial vehicle, agricultural machinery, and electric mobility sectors. Despite challenges in CV and three-wheeler sales, brands like Tata Motors and Mahindra are maintaining their market leadership. EKA Mobility and Montra Electric's focus on sustainable solutions reflect a strong push towards clean mobility, while government mandates for enhanced safety features highlight the sector’s commitment to road safety.
The agricultural sector continues to thrive, with Mahindra leading tractor sales and companies like Sonalika and Moonrider showcasing innovation in technology and sustainability. From new product launches to industry-first achievements, these developments set the stage for an exciting and progressive future across the industry. Stay tuned to CMV360 for more updates as we track the momentum in these critical sectors.
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