Volvo Eicher Commercial Vehicles Ltd (VECV) unveiled an electric light truck at the inaugural edition of Bharat Global Mobility Expo in January 2024. It was the only commercial vehicle manufacturer to unveil a new product. What it was not, was the only commercial vehicle manufacturer to display an alternative fuel technology vehicle. 

If the passenger vehicles are witnessing the influx of new technologies in the alternative fuel technology domain and in ADAS, commercial vehicles (CVs) are quickly catching up. They too are attracting a lot of investment in technology to ensure a lower TCO and higher uptime. A look at the CVs that were launched in the post pandemic period and it would be clear that a lot of new technology on emissions, performance, efficiency, comfort and safety side has gone into CVs. 

CVs also performed very well in terms of sales in the post pandemic period, albeit with a lower base level. They may not have attained the peak of 201-12, their performance was not lacking in lustre either. Segments such as buses showed a smart recovery from a very low base during the pandemic period. In FY2022-23, commercial vehicles recorded a growth of 34 percent with sales of 9,62,000 units as compared to the sale of 7,16,000 units in FY2021-22.

In the 2023 calendar year, 9,78,385 commercial vehicles were sold, marking a single digit growth figure. In the third quarter of FY2023-24, commercial vehicles recorded a growth of 3.5 percent with the sale of 2,35,167 units. While the SIAM President Vinod Aggarwal may have termed the performance in terms of sale of the auto industry as satisfactory, some analysts and observers have began expressing that a slowdown is on the way. 

Leading ‘ratings’ organistion Crisil has mentioned in its recent report that revenue growth of CV makers will moderate to between five and seven percent in the next fiscal despite the operating margins being steady and the realisation being better. 

With stable commodity prices, the moderation of between five to seven percent – against an estimated growth of nine percent in FY2023-24 – is likely be because of a hike in vehicle prices. What is ironic is that the growth moderation is expected to take place despite higher average realisations on the back of better growth in M&HCVs and stable raw material (especially steel, iron and aluminium) price.

With operating margins expected to be a good 10-11 percent in the next fiscal, Crisil’s study of four commercial vehicle manufacturers accounting for over 70 percent of the market share is indicative of a certain moderation in the commercial vehicle space. 

M&HCV demand is contingent upon activity in key end-user infrastructure related sectors — roads, real estate, mining and construction, besides transportation and replacement demand. LCV demand, on the other hand, is dependent on last-mile connectivity and e-commerce players.

The Crisil report takes into consideration the four CV makers that account for over 70 percent of the market share. It states that a vital factor that will lead to growth moderation will be an increase of vehicle prices. 

Says Anuj Sethi, Senior Director, CRISIL Ratings, “Revenue growth of CV makers will be driven by higher realisations next fiscal. We expect domestic revenue growth for M&HCVs to lower to 2-3 percent (~ 5 percent this fiscal), and this too will largely be driven by demand for buses. The likelihood of brief slowdown in infrastructure spending owing to general elections and continuing high interest rates shall impact overall M&HCV growth. Demand for LCVs is seen subdued this fiscal due to high-base effect and moderation in spends by e-commerce players. A similar trend is expected next fiscal as well.”

Domestic sales, accounting for over 90 percent of total volume, are expected to inch closer to the previous peak of ~10 lakh units seen in fiscal 2019. Export volume, however, will continue to be sluggish due to continuing inflationary headwinds and economic slowdown in key markets such as Sri Lanka, Africa, and Latin America.

This fiscal operating margin is seen reaching pre-pandemic peaks of ~10 percent, supported by price hikes to offset higher cost of compliance on emission norms, better realisations due to increased sales of M&HCVs and stable raw material prices. This trend is expected to be sustained next fiscal too. That said, in the event of continued sluggishness in sale volumes, discounts offered by CV makers may increase, and partially impact operating margins.

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Eicher Trucks and Buses, a business unit of VE Commercial Vehicles (VECV), has partnered Pickkup, a leading tech-enabled logistics provider, for the phased deployment of 100 Eicher Pro X EV small trucks across India.

The EVs are deployed across the operations of Pickkup serving retail distributors, e-commerce, FMCG and perishable deliveries. This partnership marks a significant step toward advancing clean logistics and sustainable urban mobility, enabling faster adoption of zero-emission solutions in high-demand applications.

Pickkup, operates 100 percent electric four-wheeler fleet under an asset-light model. The Eicher Pro X EV, designed and manufactured in India at VECV’s Industry 4.0-enabled Bhopal plant, combines best-in-class range, larger cargo capacity, and CCS2 fast-charging compatibility. It is supported by Eicher’s Uptime Centre and the My Eicher connected platform to provide predictive diagnostics, real-time support and maximum vehicle availability.

Abhishek Chaudhary, SVP, Small Commercial Vehicles, Eicher Trucks and Buses, said, “This partnership with Pickkup is a significant step in our journey to support customers with future-ready mobility solutions. The phased deployment of Eicher small electric trucks demonstrates not only the confidence in Eicher’s pedigree but also the growing readiness of logistics operators to integrate EVs into their fleet. The Eicher Pro X has been co-created with customers to address real operational needs of delivering environmental and economic sustainability—making them an ideal solution for modern logistics.”

Ankush Sharma, Founder & CEO, Pickkup, added, “Pickkup’s vision is to decarbonize logistics while ensuring operational efficiency at scale. The Eicher Pro X EV, with its offering and connected ecosystem, fits perfectly into our growth strategy. With Eicher’s partnership, we can expand faster, serve more customers. With this momentum, Pickkup is taking a leadership role in shaping future-ready, and sustainable logistics solutions for India.”

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Montra Electric M&HCV, part of the Murugappa Group, has announced a major milestone for its Rhino 5538EV heavy-duty electric trucks, which it claims has collectively travelled over 12 million kilometres on Indian roads in just two years. The fleet of 350 trucks has been primarily deployed in critical sectors like steel, cement and port logistics.

This achievement highlights the growing viability of electric heavy-duty transport in India. According to Montra Electric, the fleet has helped companies reduce an estimated 3.79 million tons of CO2 emissions since its launch.

Jalaj Gupta, MD, Montra Electric, said, "This milestone is a powerful validation of India's transition to clean mobility. With the Rhino 5538EV, we are proving that electric heavy transport isn’t a distant future, it’s already a reality on Indian roads."

The Rhino 5538EV trucks have maintained an uptime of over 98 percent, demonstrating their reliability in demanding industrial environments. The company shared that customers have reportedly placed repeat orders for the trucks, citing significant savings on fuel and maintenance costs. Montra Electric is providing 24x7 on-site service on its fleets to ensure maximum productivity.

The Rhino EV is powered by a 282 kWh LFP (Lithium Iron Phosphate) battery and a PMSM (Permanent Magnet Synchronous Motor), delivering 380 horsepower and 2000 Nm of torque. The trucks support fast charging, which can bring the battery from 20 percent to 100 percent in just one hour. The company plans to expand its Rhino lineup to include a 4x2 tractor-trailer and a 6x4 tipper configuration.

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Pune-headquartered alternative fuel commercial vehicle manufacturer Blue Energy Motors has appointed Anand Mimani as CEO of its EV & New Energy Business.

Mimani will be responsible for the company’s focused vertical on integrated clean freight ecosystem. The automaker is working on accelerating expansion across electric heavy-duty vehicles, energy-as-a-service platforms and green corridor infrastructure.

He comes with over 26-years of experience in mobility, energy and clean tech. Till recently, he was the CEO of GreenLine Mobility Solutions, where he led the deployment of India’s largest fleet of LNG-pwoered trucks.

In his new role, Mimani will lead the EV & New Energy division’s business strategy, operations, product rollout and partner ecosystem — with a sharp focus on scaling zero-emission trucking solutions. He will report directly to Anirudh Bhuwalka, Founder & Managing Director, Blue Energy Motors, who continues to steer the company’s overall mission, strategic direction and group-level leadership.

Bhuwalka, said, “As we scale rapidly, it’s critical to bring in focused leadership for each of our high-growth verticals. Anand’s appointment as CEO of our EV and New Energy Business significantly strengthens our execution capacity in the electric mobility and infrastructure space, while advancing our broader vision for a zero-emission freight future.”

The Pune-based automaker is working on clean freight platform combining battery-electric, LNG and energy-as-a-service solutions under one integrated ecosystem. With EV and energy infrastructure representing a critical pillar of its scale-up, it is now strengthening leadership in this vertical to:

- Ramp up deployment of electric truck platforms

- Scale battery swap and charging hubs across key freight corridors

- Deepen partnerships with energy providers, logistics firms, and OEMs

Anand Mimani, said, “I’m excited to join Blue Energy at such a pivotal time. The opportunity to lead the EV & New Energy vertical – while working closely with Anirudh and the leadership team – is incredibly energising. Together, we aim to build a freight ecosystem that is clean, efficient, and future-proof.”

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David Hanna has been named Director of Volkswagen Commercial Vehicles UK, effective 1 October 2025. He brings extensive two-decade automotive industry experience from both manufacturer and retail perspectives.

Hanna originally joined Volkswagen Group UK in 2014 and has since cultivated deep brand knowledge through significant roles within the Audi, Volkswagen Passenger Cars and Volkswagen Commercial Vehicles divisions, including Head of Network Sales at Volkswagen Passenger Cars UK. This strategic appointment marks a return to the light commercial vehicles sector for Hanna, where his proven leadership and historical involvement are expected to drive the brand's future growth and strengthen its market position.

Damien O’Sullivan, Managing Director, Volkswagen Group UK, said, “I am delighted to welcome David to the Board of Management of Volkswagen Group UK in his new role as Director of Volkswagen Commercial Vehicles.  I’m sure he will bring strong leadership and considerable experience to this important role.”

Hanna said, “Volkswagen Commercial Vehicles is a fantastic brand with class-leading products and an incredible history. It also has one of the best team of retailers in the UK through its Van Centre Network. I’m excited to be able to lead the team in the UK, and am very much looking forward to working with them and the network again in order to continue the success of the brand.”

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