||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$970 million) (2012)|
|Net income||30.8 billion (US$510 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 commercial vehicles, engineering components and provides engineering design. Eicher Motors also manufactures and markets the Royal Enfield motorcycles for 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 commercial vehicles, engineering components and provides engineering design.
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, 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
- Royal Enfield (India)
- Eicher Trucks
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