A joint venture between Volvo and Eicher Motors, VE Commercial Vehicles (VECV) has reported a decline of 58.27% in the sales of its Eicher brand commercial vehicles in January 2009. The company sold 940 units in January 2009, compared to 2,253 units in January 2008. At 121 units in January 2009, exports were down 41.8%, while domestic sales, at 819 units, were down 60% compared to January 2008.Read More
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Volvo wants 8.1% of Eicher
The finance minister, Mr Chidambaram and the Foreign Investment Promotion Board (FIPB) have approved Volvo’s proposal to acquire 8.1% of Eicher Motors Ltd. Volvo, the world’s second-largest manufacturer of trucks, had announced last year that it wanted to buy a stake in Eicher Motors, India’s third-biggest truck maker.
India is the world’s fifth-largest market in the world for trucks, and Volvo, by forming a JV with Eicher, wants to strengthen its presence in the country and increase its market share.
Since it involves more than Rupees six billion, the Swedish company’s proposal will now be referred to a cabinet panel on economic affairs.