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Volvo Eicher to put in Rs 500 cr

autos Updated: Jan 05, 2010 23:11 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Volvo Eicher Commercial Vehicles (VECV) plans to invest around Rs 500 crore over the next three years to raise its production capacity and for developemnt of new technology for commerical vehicles. VECV is a 50:50 joint venture between Eicher Motors and the Sweden-based Volvo group.

“The company has plans to raise its production capacity to one lakh units per year by 2015,” said Siddhartha Lal, managing director of VE Commercial Vehicles. The company currently produces around 48,000 units per year.

The company at the 10th Auto Expo launched the VE series of Eicher heavy-duty trucks. The trucks from this series are ideally suited for long haul operations, chemical and petroleum transport, bulk cargo transport, construction, mineral ore transportation, port load handling, among others.

“We are targeting to get a 15 per cent market share in the Indian heavy duty truck market by 2015,” quipped Lal. He added that the company is eyeing to sell around 1,000 commercial vehicles a month from next year.

“India is a very important market for the Volvo group and our partnership with Eicher Motors in the form of VECV has at its purpose the introduction of the Eicher range of heavy duty products,” said Bertil Thoren, president Volvo Group Alliance Office. Thoren is also director on the board of VECV.