Business Daily from THE HINDU group of publications
Saturday, Jul 04, 2009
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Business Daily from THE HINDU group of publications Saturday, Jul 04, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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New Business Volvo Trucks bags order for 125 vehicles Our Bureau Bangalore, July 3 Volvo Trucks in India has secured an order for 125 trucks which is its biggest order since it was established in the country 10 years ago. A press statement from Volvo Trucks said the Hyderabad-based Vijay Leasing Company has placed an order for 125 Volvo FM trucks. These trucks will be for use in coal and steel mines in southern India. Vijay Leasing already owns 108 Volvo trucks. A company spokesperson declined to give details about the value of the order. Volvo has over 55 customers in the country and has so far sold 5,500 trucks in India, which is the world’s fourth largest truck market. The market size of the premium European market in India in which Volvo has a presence is about 1,500 trucks a year. “In India, Volvo Trucks belongs to the premium segment and has secured a place as the leading manufacturer in terms of safety and environmental responsibility,” said Mr Pär Östberg, member of Volvo’s Group Executive Management and President of Trucks Asia. He said he is cautiously optimistic about the Indian truck market and views the order as a sign that the vehicle market in India may be on the rise. “We are observing positive signs of a recovery regarding light trucks and buses. In terms of heavy trucks, the market is still declining but at a slower rate,” Mr Ostberg said. The sale is being conducted through VE Commercial Vehicles, which was a joint venture launched in 2008 between Volvo and Eicher Motors. VE Commercial Vehicles comprises Eicher Motor’s trucks and buses, and the Volvo Group’s truck sales and service network for trucks and buses. More Stories on : New Business | HCV/LCV/Tractors
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