||A major contributor to this article appears to have a close connection with its subject. (June 2013)|
|Traded as||BSE: 505200, NSE: EICHERMOT|
|Key people||Siddhartha Lal (CEO & MD)|
|Products||Commercial vehicles, engines|
|Revenue||58.68 billion (US$900 million) (2012)|
|Net income||30.8 billion (US$470 million) (2012)|
VE Commercial Vehicles(50%)
Eicher Motors Limited (EML) (BSE: 505200, NSE: EICHERMOT) incorporated in 1982, is an Indian automaker company based in Gurgaon, India. Eicher Motors Limited, is the flagship company of the Eicher Group in India and a leading player of the Indian automobile industry. Its 50-50 joint venture with the Volvo group, VE Commercial Vehicles Limited, designs, manufactures and markets reliable, fuel-efficient commercial vehicles of high quality and modern technology, engineering components and provides engineering design solutions. Eicher Motors also manufactures and markets the iconic Royal Enfield motorcycles that leads the premium motorcycle segment in India. The oldest motorcycle company in continuous existence, Royal Enfield has witnessed a huge surge in demand in the recent past; recording a growth of over 50% year on year for each of the last two years. EML’s 50:50 strategic joint venture with US based Polaris Industries Inc., Eicher Polaris Pvt Ltd. will design, develop, manufacture and sell a full new range of personal vehicles. In 2012, Eicher Motors recorded the highest ever sales of Rs. 7,000 crores (USD 1.3 billion).
Eicher Motors is a commercial vehicle manufacturer in India. The company's origins date back to 1948, when Goodearth Company was established for the distribution and service of imported tractors.In 1959 the Eicher Tractor Corporation of India Private Ltd. was established, jointly with the Eicher tractor company, a German tractor manufacturer. In 1960 the first tractor produced in India was put on the market. Since 1965 Eicher in India has been completely owned by Indian shareholders. The German Eicher tractor was partly owned by Massey-Ferguson from 1970, when they bought 30 percent. Massey-Ferguson bought out the German company in 1973.
In October 1982 a collaboration agreement with Mitsubishi for the manufacture of Light Commercial Vehicles was signed in Tokyo and in the same period the incorporation of Eicher Motors Limited also took place. In February 1990, Eicher Goodearth bought 26% stake in Enfield India Ltd and by 1993 Eicher acquired a majority stake (60% equity shareholding) in Enfield India.
In July 2008, EML and Volvo Group's 50:50 joint venture VE Commercial Vehicles (VECV) designs, manufactures and markets reliable, fuel-efficient commercial vehicles of high quality and modern technology, engineering components and provides engineering design solutions VE Commercial Vehicles Ltd (VECV) envisions to drive modernization in the CV Industry, in India and the developing world.
In July 2012, EML and Polaris Industries Inc, USA announced a 50:50 joint to design, develop, manufacture and sell a full new range of personal vehicles.
In Dec 2013, Eicher unveiled its new Pro series. It was first major reform Eicher trucks went through post JV with Volvo. All the new generation trucks were designed in-house with expertise & help from Volvo group companies. Nearly 3 million engineering hours, 7.7 million KM testing & approximately 3500 new parts were developed to create this new series.
These trucks demanded new & modern facilities so that a defect free vehicle can be manufactured. The task with project team was to build these facilities with production running full. This challenge to modernize full factory to ensure availability of ultramodern manufacturing facilities to support new products was created by the unmatched brown field project execution by the project team. Pithampur plant facilities are second to none as far as technologically advanced equipment & machinery setup is concerned.
The Eicher Group has diversified business interests in design and development, manufacturing, and local and international marketing of trucks, buses, motorcycles, automotive gears, and components. Eicher has invested in the potential growth areas of management consultancy services, customised engineering solutions, and maps and travel guides.
VE Commercial Vehicles (VECV) Limited is a 50:50 joint venture between the Volvo Group (Volvo) and Eicher Motors Limited (EML).
VECV is divided into five business units:
- Eicher Trucks and Buses - The E Series
- Volvo Trucks India - The VE Series
- Eicher Engineering Components
- Eicher Engineering Solutions
- VE Powertrain
Eicher Pro series Vehicles:
On December 2nd, VE Commercial Vehicles Ltd (VECV), a joint-venture between the Volvo Group and Eicher Motors Ltd, launched the Pro Series, a new range of trucks and buses developed specifically for India and other selected growth markets. The Pro Series includes 11 new products (trucks and buses) and covers the entire 5 to 49 ton gross vehicle weight (GVW) range, setting a new standard among customers with high demands on profitability, flexibility and driver effectiveness.
“India is a very important market to us and the Eicher brand is an integral part of the Volvo Group’s strategy to expand in Asia and other growth markets. With the launch of the Eicher Pro Series, our already strong joint-venture enters a new chapter. The range presented by VECV today positions Eicher on a new level, capturing growth opportunities in markets with significant, untapped potential”, says Olof Persson, CEO and President of the Volvo Group.
The trucks and buses unveiled today are the result of the joint-venture’s efforts over the last five years. Customers in India and other growth markets are increasingly interested in more modern and effective products and rising fuel costs create a heightened demand for fuel efficiency. The Pro Series is developed to meet these demands by delivering best-in-class fuel economy, higher loading capacity, superior uptime and leading overall vehicle life time profitability in the targeted customer segments.
“The combination of the Volvo Group’s leading technology with Eicher Motor’s Indian heritage and frugal cost expertise has created a new range that will support customers in achieving even greater productivity, profitability and prosperity. India is aggressively investing in infrastructure. Improved roads and more effective logistics chains put new and higher demands on vehicles and that leads to new opportunities for Eicher”, says Joachim Rosenberg, Executive Vice President, Group Trucks Sales & Marketing and JVs APAC.
The Pro Series is in a prime position to meet these requirements and will support and drive Indian modernisation. In addition, and for the first time, Eicher will have dedicated export variants for e.g. South East Asia and Africa that will generate further growth for VECV.
The Pro Series includes 11 new models of trucks and buses, covering the entire 5 to 49 ton gross vehicle weight range. While continuing to address the Indian mainstream market, the new Eicher range also contains models that enable entry into the evolving customer segments in India that require higher power and/or torque offerings. As such, the new vehicle range contains models that will be powered by engines adapted from Volvo Group technology with output up to 280 hp, offering high fuel efficiency, reliability and durability.
The VECV industrial facilities have been upgraded and modernised to produce this new range. The investments include; new assembly lines, a cab factory and cab painting workshop as well as a world-class engine factory. VECV will start production of the Eicher Pro Series in February 2014.
|Wikimedia Commons has media related to Eicher.|