VE Commercial Vehicles Limited (VECV), the joint venture between Volvo Group and Eicher Motors, has reported impressive sales growth of 9.5% year-on-year for August 2025, selling 7,167 units compared to 6,543 units in August 2024. The performance was primarily driven by an exceptional surge in exports, which jumped 132.5% to 593 units from 255 units in the same period last year.
Strong Export Performance Leads Growth
VECV’s growth was driven by a strong export performance, which emerged as the key highlight across all segments. The company saw a significant surge in overseas sales, with heavy-duty truck exports skyrocketing by 344.1% to reach 151 units.
Meanwhile, light and medium-duty (LMD) truck exports also posted impressive gains, climbing 97.6% to 334 units. On the bus front, exports more than doubled, recording a growth of 107.7% and reaching 108 units. This robust expansion in international markets underscored VECV’s growing global footprint and market appeal.
“The exceptional export growth demonstrates VECV’s increasing global competitiveness and successful expansion into international markets,” said industry analysts tracking the commercial vehicle sector.
Domestic Market Shows Resilience
In the domestic market, VECV achieved steady growth of 5.0%, selling 6,331 units compared to 6,028 units in August 2024. The domestic truck segment performed particularly well, with Small Commercial Vehicles and light and medium-duty trucks under 18.5 tonnes recording 10.6% growth at 3,585 units, while heavy-duty trucks of 18.5 tonnes and above grew 7.6% to 1,734 units.
However, the bus segment faced headwinds in the domestic market. Light and medium-duty buses declined 10.9% to 896 units, and heavy-duty buses dropped 31.8% to 116 units.
For the financial year 2025-26 (April-August), VECV has maintained healthy momentum with 9.2% growth, selling 35,892 units compared to 32,867 units in the same period last year. The cumulative export performance has been particularly impressive, growing 38.5% to 2,559 units.
The domestic market year-to-date performance shows 7.7% growth at 32,478 units, indicating sustained demand from infrastructure projects, logistics expansion, and fleet modernization initiatives across the country.
Volvo Brand Performance
The premium Volvo trucks and buses segment saw a slight decline of 6.5% in August, selling 243 units compared to 260 units last year. However, for the year-to-date period, Volvo sales remained virtually flat at 855 units versus 853 units in the previous year.
This performance follows VECV’s strong showing in July 2025, where the company had reported 7.4% year-on-year growth. The consistent growth trajectory, particularly in exports, reflects the company’s strategic focus on international market expansion and product competitiveness.
VECV, being an unlisted subsidiary of Eicher Motors Limited, continues to be a key growth driver for the parent company. The commercial vehicle joint venture between Eicher Motors and Volvo Group has been leveraging technological capabilities and market reach to strengthen its position in both domestic and international markets.
The August 2025 performance reinforces VECV’s resilience amid challenging market conditions and demonstrates the effectiveness of its balanced approach between domestic market consolidation and aggressive export expansion.
About VE Commercial Vehicles Limited VECV is a joint venture between Volvo Group and Eicher Motors Limited, manufacturing and marketing commercial vehicles including trucks and buses under the Eicher and Volvo brands. The company operates with a focus on providing comprehensive transportation solutions to customers across various segments.