Dec. 4 – Volvo announced plans this month to launch its Eicher Pro Series trucks in India with its joint venture partner, Indian automaker Eicher Motors. Volvo points to the country’s enormous growth potential as the driving force for its expansion plans.
Production of the Pro Series will start this February in newly upgraded Indian manufacturing facilities. Over the past years, Volvo-Eicher Commercial Vehichles (VECV) have invested over Rs 1,800 crore (US$288.3 million) into expanding and modernizing production facilities in India, including a first-class engine factory, new assembly lines, a cab factory and cab painting workshop.
Recently, the auto industry has suffered slow growth due to a weak rupee, leading to decreased domestic demand and increased costs for imported parts. Despite this, VECV remains confident in future industry growth. Set to become the world’s third largest automotive market by 2016, India will surpass Japan, Germany and Brazil. Continue Reading