VECV Sales Report May 2024: 4,908 units sold; sales grew by 8.42%

Key Highlights:
• VECV reports an 8.42% growth in May 2024 CV sales.
• Eicher Trucks' sales grow by 10.08% YoY, reaching 4,729 units in May 2024.
• Eicher Truck's domestic sales: LMD and heavy-duty segment experienced growth in sales.
• Eicher Truck exports surge by 61.14%, with 282 units in May 2024.
• Volvo sales witness a decline in sales by 14.60%, selling 182 units in May 2024.

In May 2024, VECV, a prominent player in India's commercial vehicle market, witnessed a notable 8.42% growth in its sales. The company, known for its diversified portfolio of trucks and buses, sold a total of 4,908 units compared to 4,527 units in May 2023.

VECV, a joint venture between the Volvo Group and Eicher Motors, has emerged as a key player in India's commercial vehicle market.

Eicher Records 10.08% growth in CV Sales

Eicher Trucks, a subsidiary of VECV, experienced a 10.08% year-on-year growth in its commercial vehicle sales from May 2023 to May 2024. The company sold a total of 4,729 units in May 2024, which is higher than the 4,296 units sold in the same period last year.

Segment-Wise Sales Performance

Eicher Truck Domestic Sales Results

LD & LMD Segment (3.5-18.5T) Trucks: Sales in this segment saw a growth of 3.50%, with 2,809 units sold in May 2024 compared to 2,713 units in May 2023.

Heavy Duty Segment: Similarly, the heavy-duty segment also experienced a growth in sales by 16.10%, selling 1,635 units in May 2024 compared to 1,408 units in May 2023.

Eicher Truck Exports Results

LMD Segment: Export sales in this segment increased by 81.60%, with 267 CV units sold in May 2024 compared to 147 units in May 2023.

Heavy Duty Segment: Similarly, export sales in the heavy-duty segment witnessed a decline of 46.40%, with 15 units sold in May 2024 compared to 28 units in May 2023.

Export Eicher Truck Sales increased by 61.14% in May 2024

Overall, export sales of Eicher trucks witnessed growth in May 2024, with a total of 282 CV units sold as compared to 175 units sold in May 2023, showing a growth of 61.14% year-on-year.

Volvo Trucks sales declined by 14.60% in May 2024

Volvo Trucks reported a decline in sales by 14.60%, selling 182 units in May 2024 compared to 231 units in May 2023.

Also Read: VEVC Sales Report March 2024: 8610 units sold, sales decline 4.50%

CMV360 Says

VECV's May 2024 sales report shows strong growth, mainly thanks to Eicher Trucks' impressive performance. Eicher's sales increased both domestically and internationally, highlighting their strength in the market. 

However, Volvo Trucks struggled with a decline in sales. Overall, VECV's ability to grow despite this setback is promising for the company's future.