Business Standard

Daimler India looks to drive in 14 models in 2024


Driven by a record 39 per cent growth in domestic business in 2023, Daimler India Commercial Vehicles (DICV) has lined up 14 new launches in 2024.

The company expects truck sales to remain flat this year at around 350,000 units, compared to 351,000 units in 2023. On the other hand, the bus market is likely to see around 25-30 per cent growth from 41,000 units in 2023 to 50,000-55,000 units in 2024, said Satyakam Arya, managing director and chief executive officer, DICV.

“We will still continue to grow very fast. This strong growth will be seen for the next five to seven years,” he added.

Following a massive rise in sales in 2023, the company is coming up with 14 new products, in rigid (where the cargo area and the driver’s compartmen­t is present on the same chassis), constructi­on, and mining categories. DICV’S domestic truck and bus sales grew by 39 per cent and revenue grew by 21 per cent over 2022. Bus volumes too doubled during the year moving up by 107 per cent.

The German major’s Indian arm also posted a 13 per cent rise in cumulative sales (domestic and exports) during the calendar year 2023 (CY23). Its parts business also grew by 21 per cent over 2022.

“More than half of the world’s population will go to elections this year. The geopolitic­al environmen­t continues to be uncertain, global supply chain issues and impact of AI on business is also likely to be there for the industry,” Arya added.

The company, which achieved a CO2 neutrality of 84 per cent in 2023 in manufactur­ing, has set a target of extending it to 90 per cent in 2024. In terms of sustainabi­lity, another target set by the company is to have 64 per cent zero emission trucks by 2030 and raising it to 100 per cent by 2039.

“Our best-ever sales and financial growth, since inception (2012), was spearheade­d by excellent demand for our tipper and tractor trailer product lines, which grew 53 per cent and 79 per cent respective­ly, compared to CY22. A slew of strategic initiative­s also helped us take informed decisions on costs, tackle headwinds effectivel­y and sharpen our focus on key areas of business,” he added.

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