Chennai, Tamil Nadu
VE Commercial Vehicles Ltd, a joint venture between Volvo Group and Eicher Motors, are keen to take advantage of the productivity linked incentive (PLI) through expansion plans for electric vehicles.
Last week, the government had cleared the PLI scheme for the auto industry with an outlay of Rs 25,9.38 billion. The current PLI was expected to speed up India’s efforts to move towards electric vehicles at a faster pace.
Through the scheme, the government was expecting fresh investments to the tune of around Rs 425 billion over a period of five years, giving incentives of up to 18% for eligible investors. The company said that it will be looking for the opportunities and the tenders that will come out in the EV segment and is ready with a 9-meter bus already. Following a strong pickup in economic activities like mining and infrastructure development, the sales of trucks are on a rise during the current financial year.
To boost its presence in the premium segment, Volvo Trucks India, a division of VECV, launched six heavy-duty trucks under the FM and FMX range in India. B Dinakar, Senior Vice President, Volvo Trucks India, said that, their trucks serve in some of the most demanding and time-critical applications and these new range of trucks are built to push the limits of productivity with a strong focus on improving the driver environment and safety.
According to Vinod Aggarwal, Managing Director and Chief Executive Officer, VE Commercial Vehicles, Eicher is in the mass market or value market and Volvo is in the high and premium market as price of each truck in the premium market is above Rs 1 crore without GST. He added that, there is no competition and they can always adopt Volvo technologies in Eicher.
Source: Business Standard
Image Source: Google Images
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