Q. How were the FY23 sales and production volumes for VECV and from a Total Industry Volume (TIV) standpoint?
A. The fiscal year FY23 proved to be a fruitful one for the entire CV industry, including VECV. We broke all our earlier records by surpassing our earlier peak levels of 2018-19. In FY23, we sold 79,623 vehicles as compared to 57,077 units last year in FY22, marking a growth of 39.5 per cent which beat industry growth. This has been possible on the back of our continuous focus on uptime for our customer.
Talking about the industry, the TIV for FY23 stood at 4,74,177 units marking a growth of 38.1 per cent as compared to FY22. The growth was due to the improvement in freight movement across the country and the healthy infrastructure spend by the government. While the growth figure looks positive, it is still away from the peak of 2018-19 when the TIV stood at 557,517 units indicating a huge room for additional growth in coming years. With all the positives in place, we hope to see the CV industry reach its peak level of 2018-19 very soon.
Q. Which segment outperformed and is likely to take the momentum into the next fiscal year?
A. The Heavy Duty (HD) truck industry has grown strongly by 50.5 per cent due to the government focus on infrastructure development as well as the overall economic growth. In addition to this, the Light and Medium Duty (LMD) segment has also witnessed a growth of 46.2 per cent due to the growing demand for intra-city and last-mile transportation.
Similarly, demand for buses, most severely impacted by the pandemic, is now almost back to pre-Covid-19 levels with the re-opening of schools and intercity travel taking off, registering a growth of 258.8 per cent in the segment this year.
This story is from the May 2023 edition of Commercial Vehicle.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2023 edition of Commercial Vehicle.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
ONGC EXPLORATION PLANS IN BIHAR
Oil and Natural Gas Corp (ONGC) is set to explore oil and gas reserves in Bihar, aiming to establish the state on India’s oil map.
HIGH CAPITAL EXPENDITURE IN ROAD AND RAIL SECTORS
Despite constraints imposed by the Model Code of Conduct for the Lok Sabha election, the road and railway ministries achieved a remarkable capital expenditure of Rs 5.2 lakh crore in the fiscal year 2023-24.
UBER SETTLES LEGAL DISPUTE WITH AUSTRALIAN CAB DRIVERS FOR A $271.8 MN
Uber has reached a settlement of A$ 271.8 million (£97.6 million) with Australian taxi operators and drivers to resolve a legal dispute over alleged income losses since its entry into the market in 2012.
CASE INDIA CELEBRATES THE 20,000TH VIBRATORY COMPACTOR
CASE Construction Equipment’s Pithampur facility in Madhya Pradesh, India, has achieved a significant milestone by producing its 20,000th vibratory compactor.
TATA MOTORS INAUGURATES VEHICLE SCRAPPING FACILITY NEAR DELHI
Tata Motors inaugurated its fifth Registered Vehicle Scrapping Facility (RVSF), near Delhi, named ‘Re. Wi.Re – Recycle with Respect.’ The facility was inaugurated by Girish Wagh, Executive Director, Tata Motors.
PARADIP PORT EMERGES AS TOP CARGO HANDLING PORT IN INDIA
Paradip Port Authority (PPA) has achieved a remarkable feat by clocking an impressive 145.38 MMT cargo throughput in FY2023-24.
BANDRA WORLI SEA LINK TOLL TAX INCREASE
Effective April 01, 2024, the toll charges for Mumbai’s iconic Rajiv Gandhi Bandra Worli sea link have been revised, marking an 18 per cent increase.
INTRODUCTION OF SHUTTLE BUS SERVICES ON ATAL SETU
Uber’s recent launch of shuttle bus services over the Atal Setu represents a significant step towards enhancing urban transportation infrastructure.
LAUNCH OF TRIAD INITIATIVE BY INDIAN DESIGN LEADERS
Indian design leaders gathered at the Indian Institute of Information Technology, Design and Manufacturing (IIITDM) Kancheepuram, Chennai, to launch the TRIAD initiative.
ENFORCEMENT OF 'ONE VEHICLE ONE FASTAG' RULE BY NATIONAL HIGHWAYS AUTHORITY
The National Highways Authority of India (NHAI) has initiated the ‘One Vehicle, One FASTag’ rule to streamline toll collection systems nationwide.