Major CV Brands Record Good Growth in April 2016
Published On May 03, 2016
Key commercial vehicle manufacturers in India including Tata Motors and Ashok Leyland have reported decent sales growth for the month of April 2016. According to the report, growth in the light commercial vehicle (LCV) segment is picking up gradually, thanks to the improvement in rural economy and experts predict that the market is going to witness better growth in the second half of this year.
One of the leading manufacturers, Ashok Leyland, has reported a sales growth of 21 percent for the month of April 2016 with 10,180 units, as compared to 8,435 units recorded in the same month last year. The Chennai based company witnessed higher growth in the LCV segment with a rise of 22 percent. The company sold 2,309 units in April 2016, as against 1,886 units registered in April 2015.
In addition to this, India's largest automobile company, Tata Motors, witnessed a rise of 9.9 percent for the month of April 2016 as compared to the same period last year. In the domestic market, the company has sold 25,138 units last month registering a growth of 13.3 percent over April 2015. However, Tata Motor's exports during the last month remained flat at 3,785 units, taking exports during the same period last year into consideration,.
However, the highest growth in India's commercial vehicle segment was registered by VE Commercial Vehicles (VECV), a joint venture between Eicher Motors and Volvo Group. The JV has recorded a sales rise of 36.5 percent for April 2016 by selling 5365 units. Last year, in the same month, VECV sold 3930 units. Out of 5365 units, 5326 units were of Eicher branded trucks and buses, while 39 units belonged to Volvo Group.
In the domestic market, Eicher trucks witnessed a growth of 32.5 percent by selling 4,641 units as compared to 3,503 units sold in the same period the previous year. Export numbers for Eicher branded trucks and buses for April 2016 stood at 685 units, recording a mammoth growth of 104.5 percent as compared to 335 units in April 2015.