Two-wheeler and commercial vehicles major Eicher Motors has reported its record financial results for FY2025.

For the quarter ending 31 March 2025, Eicher Motors reported its highest-ever quarterly revenue from operations at INR 52.41 billion, marking a 23.1 percent increase over the same period last year. Quarterly EBITDA rose 11.4 percent to INR 12.58 billion, while net profit surged 27.3 percent to INR 13.62 billion.

Royal Enfield registered its highest-ever quarterly sales during Q4, with 280,801 motorcycles sold, up 23.2 percent YoY.

For fiscal 2025, Eicher Motors reported revenue of INR 188 billion, a 14.1 percent increase over FY2024, EBITDA rose 8.9 percent to INR 47.12 billion, while PAT stood at INR 47.34 billion, up 18.3 percent YoY.

The company also reported that Royal Enfield crossed the 1 million mark in annual sales for the first time in its history, clocking 1,002,893 units, up 10 percent YoY. Domestic sales grew 8.1 percent to 902,757 units, while exports surged 29.7 percent to 100,136 units.

The iconic brand launched six new motorcycles during the year, including the Guerrilla 450, Bear 650, Classic 650, Goan Classic 350, the 2024 Classic 350 (featuring a Factory Custom Programme) and the Scram 440.

Royal Enfield also made its debut in electric mobility with Flying Flea, a city+ EV brand inspired by the 1940s model of the same name. The new EV line-up is set to launch its first product by 2026, blending classic aesthetics with cutting-edge technology.

To strengthen its international footprint, Royal Enfield inaugurated its first fully owned CKD (completely knocked down) assembly plant in Thailand and announced a second CKD unit in Brazil aimed at serving the LATAM region. It also expanded operations in Bangladesh with a new manufacturing facility and flagship showroom.

Eicher Motors’ commercial vehicle arm, VECV, also posted a strong performance in a flat market. It reported annual revenue of INR 235.48 billion, up 7.7 percent from the previous year. PAT rose 57 percent to INR 12.86 billion, while EBITDA stood at INR 20.23 billion. The company sold 90,000 vehicles in FY2025, a 5.4 percent YoY growth.

VECV introduced the Eicher Pro X range – electric small commercial trucks assembled on an all-woman assembly line – as part of its push for sustainability and inclusivity. Volvo Trucks, part of the joint venture, launched India’s first FM Road Train for efficient long-haul logistics and also began deliveries of LNG-powered trucks.

Siddhartha Lal, Chairman, Eicher Motors, said, “We have had a remarkable year at EML and have reported exceptional performance across both Royal Enfield and VE Commercial Vehicles. In the motorcycle business, the middleweight segment saw a lot of action from our peers. Remaining unfazed and maintaining focus on our strategic goals and community, Royal Enfield stood head and shoulders above everyone else to sell one million motorcycles annually, for the first time in its history. With several global award winning and category defining motorcycles now sitting within the Royal Enfield portfolio, we are super excited and confident about the possibilities that lie ahead of us. At VECV also we saw record-breaking volumes and a strong performance despite the prevailing challenging market conditions. What excites me the most is that we have done it all quietly, consistently and with a sense of purpose. We balanced creativity with rigour, legacy and progress in a way that’s unique to our company and I genuinely believe we are just getting started.”

B Govindarajan, MD, Eicher Motors and CEO, Royal Enfield, said, “FY25 was an incredible year for Eicher Motors and Royal Enfield. We delivered our best-ever financial performance and despite a slow start to the year, we built strong momentum in the second half, launching six new motorcycles, achieving a record festive season and seeing healthy demand across all our products. We also strengthened our international footprint, with consolidated exports surging 29.7 percent to 100,136 units and opened new CKD operations. We also marked our entry into electric mobility with Flying Flea, our city+ EV brand that brings together timeless design and modern tech. It’s been a year of growth, resilience and execution and we are excited for what lies ahead.”

Vinod Aggarwal, MD & CEO, VE Commercial Vehicles, said, “VECV continued to outperform a nearly flat industry in FY2025, with vehicle sales growing 6 percent to 90,161 units. Our company closed the year as a market leader in the Indian 5-18.5T Light and Medium Duty truck segment and recorded its highest ever deliveries across key business verticals.”

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The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a landmark two-year scheme designed to curb air pollution and accelerate the transition to cleaner transit across the Delhi–National Capital Region (NCR).

Funded through the National Capital Region Planning Board (NCRPB) under the Ministry of Housing and Urban Affairs (MoHUA), the program will be jointly executed by the Ministry of Road Transport and Highways (MoRTH) and the Ministry of Petroleum and Natural Gas (MoPNG). The initiative will operate in direct collaboration with the participating governments of Delhi, Haryana, Rajasthan and Uttar Pradesh.

The scheme features a total financial outlay of INR 95.85 billion, which includes an INR 50.41 billion capital commitment from the Central Government and an estimated INR 16.01 billion allocated via tax concessions from the participating states.

The program targets the replacement of heavy commercial vehicles currently complying with BS-IV or earlier emission standards with newer BS-VI (or stricter) compliance models and electric vehicles (EVs). According to data cited from an August 2018 source apportionment study by the Automotive Research Association of India (ARAI) and The Energy and Resources Institute (TERI):

• Sector Emissions: The transport sector drives 14 percent of PM2.5, 40 percent of Carbon Monoxide (CO), and 63 percent of Nitrogen Oxide (NOx) emissions in Delhi-NCR.
• High-Impact Fleet: Within this sector, trucks and buses account for 36 percent of total PM2.5 emissions while making up just 3 percent of the active vehicle fleet.
• Technology Gap: A single Pre-BS heavy-duty vehicle emits as much particulate matter as 14 BS-VI vehicles, while an older BS-IV truck emits 2.7 times more than its BS-VI counterpart.

The fleet modernisation drive is expected to benefit approximately 207,000 vehicle owners across the NCR, encompassing 191,000 trucks and 16,329 buses. Government-owned fleets are explicitly excluded from the scheme.

The operational guidelines differ by vehicle generation and state jurisdictions:

• BS-III or Older Vehicles: Owners must format and scrap old assets at a Registered Vehicle Scrapping Facility (RVSF).
• BS-IV Vehicles: May either be scrapped or sold outside the NCR boundary into non-NCAP (National Clean Air Programme) cities and towns.
• Replacement Registration: New replacement vehicles must be registered inside the NCR.
• Delhi-Specific Mandates: Within the National Capital Territory of Delhi, all Light Goods Vehicles (LGVs) purchased under this framework must be purely electric, while new buses are restricted to either BS-VI CNG or electric drivetrains.

To offset transition costs for operators, the program bundles financial support from the central government, state bodies, and original equipment manufacturers (OEMs):

The rollout will operate entirely via an integrated digital portal designed to handle real-time eligibility screening, automated processing for interest subventions, monthly credit distribution for fuel vouchers, and structural tracking of net pollution reduction metrics. While the enrollment window spans two years, the central government's financial benefits will remain active for 5 years from a vehicle's individual registration date to provide sustained operational relief.

Administrative monitoring will be directed by a high-level Empowered Committee chaired by the Cabinet Secretary. The body will include the CEO of NITI Aayog, Secretaries from MoHUA, MoRTH, MoPNG, and the Department of Financial Services (DFS), alongside the Chief Secretaries of the participating NCR states, with the Member Secretary of the NCRPB serving as the member convenor. Local execution and district-level compliance will be managed by respective District Magistrates and District Collectors.

Shailesh Chandra, President, SIAM, said, “This is a positive step towards accelerating the adoption of cleaner vehicles in Delhi NCR. A combination of 5 percent interest subvention by the Centre, road tax concessions by States, monthly fuel vouchers of up to INR 4,800 by OMCs, and discounts by OEMs allows participation from all stakeholders to provide an opportunity to owners of old Commercial Vehicles to leverage the programme, thereby contributing to reducing pollution load in NCR.”

Girish Wagh, MD & CEO, Tata Motors, said, “The approval of this scheme is a positive step towards accelerating fleet modernisation and cleaner mobility in the Delhi-NCR region. Aligned with our commitment to make cargo and passenger transportation greener and more efficient, we are well positioned to support this transition through our expansive portfolio of BS-VI and zero-emission commercial vehicles, and our nationwide network of Re.Wi.Re registered vehicle scrapping facilities. We look forward to studying the finer details of the notification to further align our efforts towards building a more sustainable and modern commercial vehicle ecosystem.”

B. Srinivas, MD & CEO, VECV, said, “We applaud the Government for approving the vehicle replacement scheme for Delhi-NCR. This is a significant step towards accelerating fleet modernisation while addressing one of the region’s most pressing environmental challenges. As India progresses towards its Net Zero 2070 ambitions, such initiatives demonstrate how policy, industry and technology can come together to drive sustainable mobility. At VECV we believe this will not only support cleaner transportation in Delhi-NCR but also serve as a model for fleet renewal and modernisation across the country during its Amrit Kaal. We are committed to supporting our customers through this transition with a wide range of Eicher and Volvo trucks and buses offering fuel options covering electrics, CNG, LNG and clean BSVI diesel.”

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American automotive and technology company Lucid Group has announced that Silvio Napoli has officially assumed the role of Chief Executive Officer (CEO), effective immediately. The appointment completes a scheduled leadership transition that was initially announced on April 14.

He succeeds Marc Winterhoff, who has completed his tenure as Interim CEO and returned to his previous position as Chief Operating Officer (COO), reporting directly to Napoli.

Napoli joins the software-defined vehicle and technology manufacturer following a career in global industrial management. He most recently served as the Chairman and Chief Executive Officer of the Schindler Group, where his responsibilities covered large-scale international operations, financial management and corporate technology strategies.

According to management, Napoli's immediate operational roadmap for Lucid will prioritise several structural developments, including streamlining internal processes and organisational structures to improve execution while deepening overall customer engagement. He will also be responsible for driving cost competitiveness across the vehicle manufacturing pipelines and instituting stricter accountability metrics across operational teams.

The transition comes as Lucid looks to stabilise its long-term market position and scale its technical product offerings.

Turqi Alnowaiser, Chairman of the Lucid Board of Directors, said, "On behalf of the Board, we are pleased to have Silvio as CEO at this important stage for Lucid. The Board remains fully committed and focused to Lucid's long-term future, and we have strong confidence in Silvio's leadership."

Silvio Napoli, added, "After spending time with our teams and gaining deeper firsthand experience with our products and technology, I'm increasingly confident in our ability to deliver consistent execution and long-term value. Our focus will be on strengthening customer engagement, operating with consistency and accountability, achieving cost competitiveness and streamlining our organization and processes to fully leverage the strength of our team."

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African electric mobility and battery-swapping platform Spiro has secured a USD 215 million investment round to accelerate the deployment of its clean energy infrastructure across Africa.

The equity round was backed by global institutional investors, including Impact Fund Denmark and Equitane, alongside continued support from long-standing partners such as FEDA.

The pan-African expansion will be anchored by technological innovation, research and development and artificial intelligence-driven energy analytics out of Spiro’s Global Technology and Engineering Center located in Pune, India.

Founded by Indian entrepreneur Gagan Gupta under the Equitane Group, Spiro has transitioned past its proof-of-concept phase to become the largest electric mobility player in Africa. The company's operational infrastructure across the continent includes over 100,000 active electric motorcycles and a network of 2,500 automated battery-swapping stations.

The operations span seven fast-growing urban markets, including Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. It has established a dedicated manufacturing and assembly plants located in Kenya, Rwanda and Uganda, complemented by a battery recycling facility in Nigeria.

The Pune-based innovation hub houses more than 150 engineers and manages over 30 proprietary patents. Technical developments focus on IoT-enabled, solar-powered swap stations and secondary-life battery applications for stationary renewable energy storage.

The new capital will be deployed to expand this battery-swapping network, strengthen local industrial manufacturing footprints, and support entry into additional high-growth African markets, such as the Democratic Republic of the Congo (DRC) and Ethiopia.

The company claims operating a Spiro electric vehicle reduces daily mobility expenses by up to 40 percent, translating to savings of up to USD 2 per day compared to internal combustion engine motorcycles.

A third-party verified lifecycle assessment in Kenya indicated that Spiro's electric bikes deliver a 72 percent reduction in climate impact compared to fossil-fuel alternatives, avoiding roughly 19 tonnes of CO2 emissions over a single vehicle's lifespan. The study also registered an 80 percent reduction in ozone depletion potential and a 20% reduction in particulate matter emissions, mitigating public health risks in rapidly expanding urban centres.

Gagan Gupta, Founder of Spiro and Chairman of Equitane, said, “This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality. Spiro has become a major driver of local industrialization, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs. Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent”.

Lars Bo Bertram, CEO, Impact Fund Denmark, added, “We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make”.

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VinFast India, one of the youngest electric vehicle manufacturers in the country and part of the Vietnamese conglomerate VinFast Group, has appointed Amit Arora as its new Director – O2O (online-to-offline) Sales.

In his new role, he will be responsible for building VinFast India’s retail presence, focussing on converting digital leads into actual sales.

Arora has more than two decades of experience in the automotive industry across marketing and sales functions. Till recently, he was the Head of Marketing for V-Green, part of VinFast Group, focusing on building the company’s brand presence, customer acquisition and support business growth in the EV charging ecosystem.

He also oversaw brand positioning, campaigns, partnerships and demand generation across segments.

Prior to that Arora, spent close to 11-years at Maruti Suzuki India as Senior Manager for International Markets, focussing on the Latin America and Oceania region. He also spent around 6 years of his career at Hyundai Motor India and rose to the ranks of Head of Sales Marketing Strategy.

Arora is a Commerce Graduate from Shaheed Bhagat Singh College and also holds a Postgraduate Degree in International Business from Birla Institute of Management Technology (BIMTECH).

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