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VECV is Likely to Raise Its Vehicles Price by 5 Percent From April 2023

News Date 10 Mar 2023

VECV is Likely to Raise Its Vehicles Price by 5 Percent From April 2023

VECV, the joint venture of Volvo Group and Eicher Motors, is expecting to increase the price of their commercial vehicles by 5% from April this year. The raise is happening because of the stricter emission norms coming into force from April 2023.
The brand has a range of trucks starting from 4.9 to 55 tonne GVW. In addition, it has a wide range of buses having a seating capacity of 12-72 in light, medium and heavy duty applications. 

The automobile industry of India is currently moving forward and working to make their products meet the second phase of Bharat Stage VI emission norm. The four-wheeler passenger and commercial vehicle will need some more new age equipment. These equipment will help the vehicle to reach the next level of emission standards. In addition, these vehicles must have on-board diagnostic devices to monitor the real time emission levels. 

Moreover, these devices will keep a track of the emission standards like the catalytic converter and oxygen sensors. It will help the device to have a close look on the emissions. These devices will check the vehicle if it exceeds the parameters of emission with a warning light indicating the vehicle needs service. India shifted from BS-IV to BS-Vi emission in April 2020. This transition experienced the domestic automotive industry putting in close to Rs 70,000 crore to upgrade the technology.

Official Statement From the OEM:-

Mr Vinod Aggarwal said, "As far as the cost increase is concerned, it is not going to be like the earlier BS IV to BS VI (transition), it will be much lower than that, which should be within, I think 3 to 5 per cent. "Model changeover is going to happen in Q4FY23 in a phased manner. And by April 1, we will move 100 per cent to an OBD-2 (on-board diagnostics)".

When asked if the company is looking to build up inventory in anticipation of having pre-sales, Mr Aggarwal said, "I don't think we are going to create any inventory for having this benefit. There is no such plan. And I don't think we will suffer because of a lack of production, because a lot of our models will move to OBD-II even before. So, there is no concern on production in our inventory build-up of OBD-II. We don't see any concern."

He said that the total sales of the company in the third quarter was 18,162 units which increased 13.2% against the 16,044 units in the same quarter of 2021-22. In addition, the revenue of the company by operations rose to Rs 4,603.9 crore from Rs. 3,625.7 crore in October-December 2021-22. 

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