VE Commercial Vehicles, which is a joint venture collaboration of Volvo Group and Eicher Motors, is going to develop some of the products which include a complete range of electric vehicles for public transportation, Eicher Motors Managing Director and Chief Executive Officer Siddhartha Lal said in a report. The company, which has earmarked a capital expenditure of ₹ 500 crore for the ongoing financial year towards the new product which is going to be in development and capacity expansion, is working to drive in an affordable range of air-conditioned buses to cater the needs of public transit.
In the report of a company’s annual report for 2017-18, Lal said the company is also developing light- and heavy-duty buses for some of the African markets.
Company said in a statement that “We are going to build up a plan to have a complete range of electric mobility solutions for public transportation, offering world-class quality and comfort. As of now, company is also working to develop and build an affordable air-conditioned range of buses aimed at bringing superior comfort to public transit,” Lal said.
The company has already commenced some of its operations of its Skyline Pro Electric buses in the city of Kolkata and thus joined the league of zero-emission vehicle manufacturers.
VE Commercial Vehicles, which shows a record by selling around 65,932 vehicles in the fiscal year 2017-18, increase of 12.5 percent over 2016-17 volumes, is also focusing on segments like construction, mining and e-commerce to drive future growth, he said.
In an interview, he also said, “We are going to plan to invest around Rs 500 crore in VE Commercial Vehicles for the development and capacity enhancement of new latest technologies products.” On domestic business, Lal said the company continues to retain the 88 percent market share in the high performance trucks segment (400+ horsepower) and is focused on targeting mining segments, besides quarrying, road construction and irrigation to drive growth.
VE Commercial Vehicles has entered in the Asian market as well with sales beginning in the first quarter of the current financial year. It has also begun setting up some of the assembly operations in different part of the country which includes Nigeria, Bangladesh and Kenya.