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Volvo Group sales surged by 54% in the previous fiscal year
Industry News- Oct 04,23
Volvo Group’s Sofia Frandberg, expressed strong confidence in India's potential for significant growth over the next decade.
A high-ranking executive from the Swedish commercial vehicle giant Volvo Group, Sofia Frandberg, expressed strong confidence in India's potential for significant growth over the next decade. Frandberg, who serves as the chairperson of VE Commercial Vehicles (VECV), emphasised India's pivotal role in global manufacturing operations for Volvo Group.
During her inaugural visit to India after assuming her role at VECV, Frandberg highlighted the remarkable progress witnessed across various sectors, including buses, trucks, engines, and components. She underscored substantial investments made in technology, product development, industrial capacity strengthening, and digitalisation at VECV. Frandberg stated that the company was strategically positioned for further expansion, aiming to manufacture products in India for both domestic and international markets.
VE Commercial Vehicles, a joint venture between Eicher Motors and Volvo, emerged as the fourth-largest commercial vehicle manufacturer in India, achieving impressive sales figures. The company's sales surged by 54% in the previous fiscal year, outpacing industry growth. Additionally, VECV successfully exported vehicles and components to various countries, including the Middle East, South Africa, and Indonesia.
Frandberg highlighted the strategic collaboration between Volvo Group and Eicher Motors, emphasising the significant achievements, such as VECV becoming the exclusive global producer of 5-litre and 8-litre diesel engines for Volvo. She expressed optimism about the immense opportunities in the rapidly growing Indian economy, citing factors like decarbonisation, sustainable mobility, digitalisation, demographics, and diversity as key drivers for India's future development.
Frandberg's positive outlook reflected the Volvo Group's strong belief in India's strength and potential, positioning the country as a crucial player in their global manufacturing landscape.
Source: Indiatimes
Volvo Group
India growth
Commercial vehicles
Manufacturing operations
Sofia Frandberg
VECV
Eicher Motors
Sustainable mobility
Digitalisation
Global expansion
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