Eicher Motors has said that their subsidiary company VE Commercial Vehicles has increased its sales. The company has sold in total 6,070 units of vehicles in the month of September 2021. Last year, in the same month, the company had sold 3,506 units of vehicles. The growth of the company in sales this year has thus been at 73.1%.
Compared to the month of August, the company has observed the rise in sales by 26.6%. In August, the company made sales of a total of 4,793 vehicles in total August. This growth in sales has been due to the rise in demand for commercial vehicles in the domestic market. The company reported the profit of Rs. 237 crore in the first quarter of this financial year. The company is expecting to increase its profit this year.
Vinod Aggarwal, MD & CEO of Eicher Motors in this regard, said – “I had been saying for the past few months that we are going to see a month-on-month better sales in the CV industry. If you look at the last three months, in July, the CV industry was at 3.50 times and had sales of around 23,000. In August, sales were 26,000 for the CV industry, and in the month of September, it was 32,000, so month-on-month you are seeing better sales and that is a sign of recovery in the CV industry.”
He also said, “CV industry had been depressed for last two years or so and now, it is coming out of that recession. We are seeing something sort of recovery in our sales. We are doing very well in all our segments, light and medium-duty (LMD) trucks, where last month we had a market share of 34 percent. In heavy-duty (HD) trucks, both Volvo and Eicher put together, we had a market share of close to 7.50-8 percent, and in buses also, we had a market share in LMD buses of around 25 percent and in HD buses, of around 10 percent.”
The company is also expected to perform better business in the international market. Aggarwal regarding this said “The Export market has also started doing much better if you look at the exports out of the country, they are much better than the previous year. So, they are in line with the overall growth in the industry. So, we are expecting good traction coming from international markets also, especially from Bangladesh market, it is improving. Nepal has also started improving, Middle East is doing better for the overseas segment. African markets are doing better, Southeast Asian markets are also doing better. So, I think all across there is improvement seen in the international markets.”