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

Key Highlights:
•    VEVC reports a 4.50% decline in March 2024 CV sales.
•    Eicher Trucks' sales drop 5.70% YoY, reaching 8,354 units in March 2024.
•    Eicher Truck's domestic sales: LMD segment down 10.50%, heavy-duty up 0.70%.
•    Eicher Truck exports surge by 23.37%, 359 units in March 2024.
•    Volvo Trucks witness an 11.80% sales growth, selling 256 units in March 2024.

In March 2024, VEVC, a prominent player in India's commercial vehicle market, witnessed a notable 4.50% decline in its sales. The company, known for its diversified portfolio of trucks and buses, sold a total of 8,610 units compared to 9,016 units in March 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 Trucks Records 5.70% Decline in CV Sales

Eicher Trucks, a subsidiary of VEVC, experienced a 5.70% year-on-year decline in its commercial vehicle sales from March 2023 to March 2024. The company sold a total of 8,354 units in March 2024, which is lower than the 8,859 units sold in the same period last year.

Segment-Wise Sales Performance

Eicher Truck Domestic Sales Show Mixed Results

LD & LMD Segment (3.5-18.5T) Trucks: Sales in this segment saw a decline of 10.50%, with 5,032 units sold in March 2024 compared to 5,625 units in March 2023.

Heavy Duty Segment: However, the heavy-duty segment experienced a slight growth of 0.70%, selling 2,963 units in March 2024 compared to 2,943 units last year.

Eicher Truck Exports Show Mixed Results

LMD Segment: Export sales in this segment soared by 73.70%, with 311 CV units sold in March 2024 compared to 179 units in March 2023.

Heavy Duty Segment: On the other hand, export sales in the heavy-duty segment witnessed a decrease of 57.10%, with 48 units sold in March 2024 compared to 112 units last year.

Export Eicher Truck Sales surged by 23.37% in March 2024

Overall, export sales of Eicher trucks witnessed significant growth in March 2024, with a total of 359 CV units sold as compared to 291 units in March 2023, showing an impressive growth of 23.37% year-on-year.

Volvo Trucks sales increased by 11.80% in March 2024

Volvo Trucks reported a growth in sales by 11.80%, selling 256 units in March 2024 compared to 229 units in March 2023.

Also Read: VEVC Reports 0.97% Growth in February 2024 CV Sales

VECV Records 4.50% Decline in Overall CV Sales

Considering both Volvo Trucks and Eicher Trucks, VECV reported a total of 8,610 CV units sold in March 2024, reflecting a decline of 4.50% from the 9,016 units sold in March 2023.

CMV360 Says

The March 2024 VEVC Sales Report shows a 4.50% decline in overall commercial vehicle sales. While Eicher Trucks experienced a 5.70% drop, Volvo Trucks saw an 11.80% increase. This highlights shifting trends in the market. Despite challenges, VEVC remains a significant player, adapting to evolving consumer demands.