Chennai, Tamil Nadu
Vehicles Ltd, a joint venture between Volvo Group and Eicher Motors, are
keen to take advantage of the productivity linked incentive (PLI) through
expansion plans for electric vehicles.
Last week, the
government had cleared the PLI scheme for the auto industry with an
outlay of Rs 25,9.38 billion. The current PLI was expected to speed up India’s
efforts to move towards electric vehicles at a faster pace.
Through the scheme,
the government was expecting fresh investments to the tune of around Rs 425
billion over a period of five years, giving incentives of up to 18% for
eligible investors. The company said that it will be looking for the
opportunities and the tenders that will come out in the EV segment and is ready
with a 9-meter bus already. Following a strong pickup in economic activities
like mining and infrastructure development, the sales of trucks are on a rise
during the current financial year.
To boost its
presence in the premium segment, Volvo Trucks India, a division of VECV,
launched six heavy-duty trucks under the FM and FMX range in India. B Dinakar, Senior
Vice President, Volvo Trucks India, said that, their trucks serve in some of
the most demanding and time-critical applications and these new range of trucks
are built to push the limits of productivity with a strong focus on improving
the driver environment and safety.
According to Vinod Aggarwal, Managing Director and Chief
Executive Officer, VE
Commercial Vehicles, Eicher is in the mass
market or value market and Volvo is in the high and premium market as price of
each truck in the premium market is above Rs 1 crore without GST. He added that, there is no competition and
they can always adopt Volvo technologies in Eicher.
Source: Business Standard
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