CMV360 Weekly Wrap-Up | That Mattered This Week (22th July – 29th July): Ashok Leyland Embarks on 'Manzil ka Safar' Stallion Drive from Kanyakumari to Leh

Check out this week's essential 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 subjects.

VST Unveils VST 929DI EGT Tractor with Cutting-Edge Features at AGRI INTEX 2023

At AGRI INTEX 2023, VST introduced the highly anticipated VST 929DI EGT Tractor, setting new standards for agricultural innovation. Packed with cutting-edge features, this advanced tractor promises to revolutionize farming practices.

The VST 929DI EGT Tractor, which is equipped with a powerful three-cylinder 28HP DI Engine, was clearly the highlight of the AGRI INTEX 2023, offering the highest torque and power in its category, as well as exceptional fuel efficiency. This lightweight and compact tractor can work with a variety of agricultural attachments such as sprayers, cultivators, rotavators, seed drills, and more.

Also Read: CMV360 Weekly Wrap-Up | That Mattered This Week (16th July – 21th July): Bharat Benz and Reliance Industries Unveil Hydrogen-Run Intercity Concept Luxury Bus at G20 Summit in Goa

Tata Motors establishes state-of-the-art registered vehicle scrapping facility in Bhubaneswar

Tata Motors opened its second Registered Vehicle Scrapping Facility (RVSF) in Bhubaneswar, Odisha. This cutting-edge facility, dubbed 'Re.Wi.Re - Recycle with Respect,'* was opened by Smt Tukuni Sahu, Minister of Water Resources, Commerce, and Transport for the Government of Odisha.

The cutting-edge factory employs environmentally friendly processes and has the potential to safely and sustainably disassemble 10,000 end-of-life automobiles per year. Empreo Premium, a Tata Motors partner, develops and operates the RVSF to trash end-of-life passenger and commercial vehicles of all brands. This expansion follows the opening of the company's first facility in Jaipur, Rajasthan, and represents another big step forward in the company's sustainable activities.

Ashok Leyland Embarks on 'Manzil ka Safar' Stallion Drive from Kanyakumari to Leh

Ashok Leyland, a leading commercial vehicle manufacturer, has launched the 'Manzil ka Safar' Stallion Drive. Ashok Leyland will organize the 'Manzil ka Safar' Stallion Drive from Kanyakumari to Leh, which will begin on July 26, 2023. This push, which begins on Kargil Vijay Diwas, is an aspect of the company's 75th-anniversary festivities.

This expedition represents Ashok Leyland's first foray into the Indian military. This journey will take you through a variety of terrains, mountain passes, and sceneries, concluding in the difficult region of Leh. The drive will travel 4000 kilometers and will reflect the endurance, power, and dependability that Ashok Leyland vehicles have been known for.

Tata Motors Reports Impressive Q1FY24 Revenue Growth of 42%, Surging to INR 102.2k Crore

Tata Motors, India's renowned automobile manufacturer, has reported a 42% increase in its revenue during the first quarter of the fiscal year 2023-24. The company's total revenue soared to an impressive INR 102.2k Crore, marking a significant achievement for the automaker in the face of a challenging economic climate.

Tata Commercial Vehicles (Tata CV) announced a solid first-quarter performance, with sales of 17.0KCr, indicating a 4.4% increase. EBITDA margin increased to 9.4% (+390 bps) while EBIT margin increased to 6.5% (+370 bps). PBT (Profit Before Tax) was 0.9K Cr.

New Holland Agriculture Sweeps Indian Tractor of the Year Awards 2023

New Holland Agriculture, a flagship brand of CNH Industrial, was declared the undisputed winner of the fourth edition of the Indian Tractor of the Year (ITOTY) Awards, 2023.

In a remarkable display of engineering excellence and innovation, New Holland Agriculture has emerged as the undisputed champion of the Indian tractor industry, securing three prestigious wins at the Indian Tractor of the Year Awards 2023. The company's dedication to agricultural excellence and innovation earned it three desirable honours during the event.

Godawari Electric Motors partners with IDBI Bank to provide hassle-free financing solutions.

In an exciting development for the electric vehicle market, Godawari Electric Motors has joined forces with IDBI Bank to offer hassle-free financing options for their popular Eblu E-Rickshaw. The strategic partnership aims to make it easier for customers to own and drive home the eco-friendly Eblu E-Rickshaw.

Godawari Electric Motors, the maker of the Eblu product line, has partnered with IDBI Bank to provide special financing alternatives to its clients across India.

The new relationship with IDBI Bank provides access to loans with a maximum tenure of three years, an interest rate of 11%, and a processing charge of 1%. This financing option provides a maximum LTV of 80%.

Tata Motors delivers Smart Electric Bus Prototype to Bengaluru Metropolitan transport corporation

In a significant leap towards sustainable urban mobility, Tata Motors, India's leading automobile manufacturer, unveiled and flagged off its cutting-edge Smart Electric Bus prototype in Bengaluru. This milestone marks a major step in the company's commitment to providing eco-friendly and technologically advanced public transportation solutions.

TML Smart City Mobility Solutions Ltd., a completely owned subsidiary of Tata Motors, and BMTC signed a deal in which the company will produce, operate, and service 921 units of state-of-the-art 12-metre low-floor electric buses for a term of 12 years. The Tata Starbus EV is a bus designed in-house that has a superior design and best-in-class features for a sustainable and enjoyable journey.

Piaggio reports record first-half results; net profit of Euro 68 million for the first half of 2023

Piaggio Group recorded a net profit of 68 million euros for the first half of 2023, the Italian automaker's best first-half performance to date, up 43.4% from 45.2 million euros on 30 June 2022.

The company's latest financial report showcases a robust performance, indicating a strong recovery from the challenges posed by the global pandemic.

The significant net profit figures represent astounding growth for the Piaggio Group, exceeding market expectations and setting a positive trajectory for the remainder of the year. This achievement highlights the resilience and adaptability of the company in navigating the uncertainties that have impacted the automotive industry in recent times.

Also Read: CMV360 Weekly Wrap-Up | That Mattered This Week (01st July – 07th July): Tresa Motors unveils first Model V0.1 electric truck

Ashok Leyland will support Switch Mobility's expansion goals.

In a bid to fuel the ambitious growth plans of electric commercial vehicle manufacturer Switch Mobility, Ashok Leyland, the Indian automotive giant, has initiated a fund-raising campaign. However, the process seems to be progressing at a sluggish pace, raising concerns among investors and industry experts.

The company is still looking for like-minded investors to help it create its electric vehicle branch, which would require close to Rs 5,000 crore in investment to become a top EV player in the rapidly emerging zero-emission public transportation industry.

Switch Mobility, a subsidiary of Ashok Leyland, has been playing a significant role in the electric mobility sector with its cutting-edge technologies and sustainable solutions.

Conclusion

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 market of commercial vehicles and the direction it is heading. Stay tuned for more updates, and until next week, drive safely and stay informed!