VE Commercial Vehicles Reports Strong Growth in April 2025, Building on FY25 Momentum

VE Commercial Vehicles Limited (VECV), the joint venture between Volvo Group and Eicher Motors Limited, has reported impressive sales figures for April 2025, showing robust growth across multiple segments as the company builds on its strong performance from the previous fiscal year.

According to data released by Eicher Motors to the stock exchanges on May 1, 2025, VECV sold a total of 6,846 units in April 2025, registering a substantial 27.3% year-on-year growth compared to 5,377 units sold in April 2024.

April 2025 Performance Highlights

The growth was broad-based across VECV's product portfolio, with the Eicher brand recording sales of 6,717 units, up 27.8% from 5,254 units in the same month last year. Domestic sales of Eicher trucks and buses reached 6,257 units, marking a 27.7% increase over the 4,898 units sold in April 2024.

Particularly noteworthy was the performance in the Light and Medium Duty (LMD) Bus segment, which saw a remarkable 61.6% growth with 2,025 units sold compared to 1,253 units in April 2024. The Small Commercial Vehicle (SCV) and LMD truck segment below 18.5 tonnes also performed well, with sales increasing by 21.5% to 2,750 units.

In the export market, VECV demonstrated strong growth with a 29.2% increase, selling 460 units compared to 356 units in April 2024. The LMD export segment stood out with an impressive 117.5% growth, though bus exports declined by 36.1%.
Volvo Trucks and Buses, the premium segment of VECV's portfolio, registered a modest 4.9% growth with 129 units sold in April 2025.

Continuing March Momentum

April's strong performance follows an equally impressive showing in March 2025, when VECV sold 7,820 units, an 18.5% increase year-on-year from 6,598 units in March 2024. While April volumes were lower than March's figures (a common seasonal pattern at the beginning of a fiscal year), the growth rate actually accelerated from 18.5% in March to 27.3% in April, indicating strengthening market momentum.

The domestic market, which accounted for 7,245 units in March 2025 (17.8% growth year-on-year), continues to be the primary driver of VECV's sales volumes, with particularly strong demand for Eicher trucks and buses. The company's export performance has also improved, with exports growing from 26.4% year-on-year in March to 29.2% in April.

Building on FY25 Success

April's strong start to the new fiscal year builds upon VECV's solid performance throughout FY25, during which the company sold a total of 82,450 vehicles, marking a 15.7% increase from 71,265 units in FY24.

During FY25, VECV strengthened its position in the Indian commercial vehicle market, capturing an estimated 8.5% share in the truck segment and 35% in the bus segment. The company's strategic initiatives, including the launch of three new Eicher Pro models with enhanced fuel efficiency and connectivity features, gained significant traction in both urban and rural markets.

The April figures suggest that VECV is well-positioned to exceed its FY25 growth rate in the current fiscal year if the current trajectory continues.

Segment-Wise Performance and Future Outlook

The LMD Bus segment emerges as the standout performer in April, with its 61.6% growth significantly outpacing other segments. This suggests increasing demand in public transportation and corporate mobility solutions.