By Priya Singh
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Updated On: 11-Aug-2023 06:48 AM
We hope this summary will provide you with valuable insights into the current state of commercial vehicles and the direction it is heading.
Check out this week's important news on the truck, three-wheeler, tractors, new launches, and more.
Welcome to the Cmv360 Weekly Wrap-Up, where we offer you the most recent commercial vehicle industry news and developments. Join us as we delve into the highlights and stories that have shaped the week, providing you with a concise overview of the most noteworthy happenings that you need to know.
Check out this week's essential news on the truck, three-wheeler, tractors, new launches, and more. Stay tuned with us as we explore these and other automobile parts-related topics.
In a positive sign for the commercial vehicle industry, the Federation of Automobile Dealers Associations (FADA) has reported a 2.02% increase in commercial vehicle sales for the month of July 2023. This uptick indicates a potential rebound for the sector, which has faced challenges due to the pandemic and economic uncertainties.
In July 2023, cumulative auto sales increased by 10% year on year, repeating the previous month. Despite a significant YoY gain, overall retail sales fell by 5% month on month.
All vehicle categories experienced YoY growth, including two-wheelers (2W) at 8%, three-wheelers (3W) at 74%, passenger vehicles (PV) at 4%, tractors (Trac) at 21%, and commercial vehicles (CV) at 2%. In July, the 3W category saw all-time high monthly sales of 94,148 units, representing YoY and MoM increases of 74% and 9%, respectively.
Tata Motors, a pioneer in the Indian automotive industry, has partnered with South Indian Bank to expand an exclusive Electric Vehicle Dealer Financing Program to all consumers and to provide comprehensive retail financing solutions. This collaboration aims to make electric vehicles more accessible to a wider audience by providing tailored financing solutions.
Ramesh Dorairajan, Senior General Manager - Network Management & EV Sales, stated that boosting EV adoption in India is critical to the company's strategy. The collaboration with South Indian Bank for an exclusive financing program for authorized electric vehicle dealers is a step in the right direction.
Kubota Agricultural Machinery India Pvt. Ltd. (KAI) and Bank of Baroda (BOB) have signed an MOU to finance Kubota Brand Tractors and Farm Machinery. Bank of Baroda is one of India's largest public sector banks, with over 8200 branches nationwide.
Bank of Baroda will provide low-interest financing for Kubota's premium line of tractors and farm equipment.
Kubota Agricultural has taken a significant step towards supporting farmers by signing a Memorandum of Understanding (MoU) with BOB. The MoU aims to provide enhanced financing options for the purchase of tractors and farm machinery, ultimately benefiting farmers and promoting agricultural productivity.
Under the terms of the MoU, Kubota Agricultural and BOB will collaborate to streamline the financing process for farmers seeking to invest in modern and efficient agricultural equipment.
On August 15, domestic automaker Mahindra & Mahindra (M&M) will debut seven new tractors. All seven models on display in Cape Town (South Africa) will be based on the company's new lightweight global tractor platform, dubbed Oja.
The unveiling is set to take place on August 15th, coinciding with India's Independence Day. This strategic move is expected to propel the company's commitment to innovation and farmer-centric solutions.
Mahindra Tractors, which is part of M&M's agricultural equipment industry, introduced Oja as the brand name for its new range of tractors from its global tractor program, K2, earlier this year.
The name Oja is taken from the Sanskrit word Ojas, which represents vitality, energy, and strength, according to M&M. The Mahindra Oja will target both domestic and foreign markets, such as the United States, Japan, and Southeast Asia.
Mahindra, a renowned name in the automotive industry, has taken another step towards sustainable mobility with the launch of its latest offering, the e-Alfa Super rickshaw. The new electric 3-wheeler comes with enhanced features, promising a higher range and efficiency, all at an affordable price of Rs 1.61 lakh.
One of the most notable features of the e-Alfa Super 3-wheeler is its range of 95+ kilometers on a single charge, which was achieved through intensive driving validations by Mahindra, allowing drivers to maximize their earnings. It costs Rs 1.61 lakh ex-showroom and is available with local government approval for e-rickshaws in the specific State.
According to the firm, the e-Alfa Super's 140 Ah lead-acid battery provides a certified range that is 20% greater than before. The motor produces 1.64 kW of peak power and 22 Nm of torque, resulting in exceptional performance.
Altigreen and Mufin Green Finance are forming an alliance to accelerate the adoption of environmentally friendly transportation and promote green mobility solutions globally. The partnership aims to remove financial barriers to the transition to electric mobility by making accessible financing solutions available to the general public.
Altigreen offers a strong physical presence in the market, allowing consumers to test drive, make an informed purchasing decision, and eventually boost EV adoption in many cities. Mufin Green Finance will finance a considerable number of Altigreen's electric three-wheelers as part of the cooperation.
This collaboration aims to accelerate the adoption of eco-friendly transportation solutions and further boost the global shift towards sustainable mobility. The partnership brings together Altigreen's cutting-edge technologies and Mufin Green Finance's expertise in financing projects.
VST Tillers Tractors, a renowned name in the agricultural machinery industry, has made a significant step forward by unveiling its latest innovation - the High-Performance Series 9 Compact Tractors. The company's commitment to pushing the boundaries of agricultural technology is showcased again with this new offering, aimed at global markets.
These tractors have features such as independent PTO, MID PTO, Reverse PTO, completely Synchromesh Gearbox, Electro-Hydraulic Controls (EHC), and Dual Track Width Options. The combination of modern technology and the EHC feature improves operator comfort and control while also speeding up the performance of numerous activities.
The series includes six new variants with power outputs ranging from 18HP to 36HP. These tractors will be available this month under the model numbers VST 918, VST 922, VST 927, VST 929, VST 932, and VST 939.
Eicher Trucks and Buses, a subsidiary of VE Commercial Vehicles Limited (VECV), has announced a partnership with Amazon to further electrify Amazon's middle- and last-mile delivery operations in India.
This collaboration between VECV and Amazon marks a significant milestone in that it aims to introduce up to 1,000 cutting-edge, zero-emission electric trucks across various payload categories into Amazon's delivery operations over the next five years, via Amazon's transport service partners.
This partnership marks a crucial step towards reducing carbon emissions and transitioning towards cleaner transportation solutions. With the growing concerns about the environmental impact of traditional delivery methods, the integration of electric trucks is expected to significantly lower carbon footprints and promote eco-friendly practices in the logistics sector.
Swaraj Tractors, a subsidiary of the Mahindra Group, unveiled the 'Swaraj 8200 Wheel Harvester', claiming best-in-class fuel economy and industry-first technologically advanced features. The Swaraj 8200 Wheel harvester is built in the company's own manufacturing plant and features a highly fuel-efficient, in-house TREM-IV-compliant engine.
According to Hemant Sikka, President of Farm Equipment Sector-M&M, the introduction of this advanced equipment demonstrates the company's commitment to modernizing agriculture and providing farmers with cutting-edge technology.
That concludes our weekly wrap-up of commercial vehicle news. The past week has been filled with exciting developments, showcasing the industry's dedication to sustainability, efficiency, and innovation.
We hope this summary has provided you with valuable insights into the current state of commercial vehicles and the direction it is heading. Stay tuned for more updates, and until next week, drive safely and stay safe!
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