Eicher Motors

Last updated

Eicher Motors Limited
Company type Public
ISIN INE066A01013
Industry Automotive
Founded1948;76 years ago (1948)
Founder Vikram Lal
Headquarters New Delhi, India
Area served
Worldwide
Key people
Products
RevenueIncrease2.svg16,536 crore (US$2.1 billion) (FY24) [1]
Increase2.svg4,327 crore (US$540 million) (FY24) [1]
Increase2.svg4,001 crore (US$500 million) (FY24) [1]
Total assets Increase2.svg23,128 crore (US$2.9 billion) (2024) [2]
Total equity Increase2.svg18,045 crore (US$2.3 billion) (2024) [2]
Owner Siddhartha Lal (49.28%)
Number of employees
4,899 (March 2020) [2]
Subsidiaries
Website www.eicher.in

Eicher Motors Limited is an Indian multinational automotive company that manufactures motorcycles and commercial vehicles, headquartered in New Delhi. Eicher is the parent company of Royal Enfield, a manufacturer of middleweight motorcycles.

Contents

History

An Eicher multi-axle lorry Eicher Multi-Axle 2015 Tamil Nadu.JPG
An Eicher multi-axle lorry

Eicher Motors is a commercial vehicle manufacturer in India. The company's origins date back to 1948, when Goodearth Company was established for the distribution and service of imported tractors. In the year 1959, the Eicher Tractor Corporation of India Private Ltd was established, jointly with the Eicher tractor company, a German tractor manufacturer. Since 1965, Eicher in India has been completely owned by Indian shareholders. The German Eicher tractor was partly owned by Massey Ferguson from 1970, when they bought 30%. Massey Ferguson bought out the German company in 1973.

In 2005, Eicher Motors Ltd sold their tractors and engines business to TAFE Tractors (Tractors and Farm Equipment Ltd) of Chennai, the Indian licensee of Massey Ferguson tractors.[ citation needed ]

In October 1982, a collaboration agreement with Mitsubishi for the manufacture of light commercial vehicles (LCVs) was signed in Tokyo and in the same period the incorporation of Eicher Motors Limited also took place. LCVs were sold under the "Eicher Mitsubishi" brand. In February 1990, Eicher Goodearth bought 26% stake in Enfield India Ltd and by 1993 Eicher acquired a majority stake (60% equity shareholding) in Royal Enfield India.

In July 2008, Eicher Motors Limited (EML) and Volvo Group's formed a 50:50 joint venture called VE Commercial Vehicles (VECV) which designs, manufactures and markets commercial vehicles, engineering components and provides engineering design.

An Eicher garbage truck transporting municipal solid waste Eicher truck.jpg
An Eicher garbage truck transporting municipal solid waste

At present, Volvo Group owns 45.6% of VECV, [3] while Eicher Motors holds the remaining 54.4%. [4] In 2020, VECV bought Volvo Buses India operations for 100 crore. [5]

In 2012, Eicher Motors started a joint venture with American company Polaris Industries called Eicher Polaris to make personal utility vehicles, starting with Eicher Polaris Multix in 2015. This joint venture company ceased operations in 2018. [6]

Group structure

Eicher tow truck being used by the Bangladesh Police Bangladesh Police (DMP) Eicher Pro 1055 tow-truck. (34491460656).jpg
Eicher tow truck being used by the Bangladesh Police

The Eicher Group has diversified business interests in design and development, manufacturing, and local and international marketing of trucks, buses, motorcycles, automotive gears, and components. Eicher has invested in the potential growth areas of management consultancy services, customised engineering, and maps and travel guides.

VE Commercial Vehicles (VECV) Limited is a joint venture between Volvo Group and Eicher Motors Limited. VECV is divided into five business units: [7]

Royal Enfield Motors, the motorcycle manufacturing subsidiary, is a part of Eicher Motors.

Vehicles

Related Research Articles

<span class="mw-page-title-main">Hindustan Motors</span> Car manufacturing company in India

Hindustan Motors is an Indian automotive manufacturer based in Kolkata. It is a part of the Birla Technical Services conglomerate. Hindustan Motors was the largest car manufacturer in India before the rise of Maruti Udyog. Hindustan Motors manufactured the Ambassador and Landmaster motorcars, both immensely popular Indian automobiles from 1957 to 2014.

<span class="mw-page-title-main">Leyland Motors</span> Lorry and bus manufacturer

Leyland Motors Limited was an English vehicle manufacturer of lorries, buses and trolleybuses. The company diversified into car manufacturing with its acquisitions of Triumph and Rover in 1960 and 1967, respectively. It gave its name to the British Leyland Motor Corporation, formed when it merged with British Motor Holdings in 1968, to become British Leyland after being nationalised. British Leyland later changed its name to simply BL, then in 1986 to Rover Group.

<span class="mw-page-title-main">Tata Motors</span> Indian multinational automobile manufacturing company

Tata Motors Limited is an Indian multinational automotive company, headquartered in Mumbai and part of the Tata Group. The company produces cars, trucks, vans, and busses.

<span class="mw-page-title-main">Ashok Leyland</span> Indian multinational automotive company

Ashok Leyland is an Indian multinational automotive manufacturer, with its headquarters in Chennai. It is now owned by the Hinduja Group. It was founded in 1948 as Ashok Motors, which became Ashok Leyland in the year 1955 after collaboration with British Leyland. Ashok Leyland is the second largest manufacturer of commercial vehicles in India, the third largest manufacturer of buses in the world, and the tenth largest manufacturer of trucks.

<span class="mw-page-title-main">UD Trucks</span> Japanese company

UD Trucks Corporation is a Japanese company whose principal business is the manufacturing and sales of diesel trucks, buses, bus chassis and special-purpose vehicles. Its headquarters are located in Ageo, Saitama, Japan. The company is a wholly owned subsidiary of Isuzu since 2021. Until 2010, the company was known as Nissan Diesel.

The automotive industry in India is the world's fourth-largest by production and valuation as per 2022 statistics. As of 2023, India is the 3rd largest automobile market in the world in terms of sales.

<span class="mw-page-title-main">Force Motors</span> Indian multinational automotive company

Force Motors Ltd is an Indian multinational automotive manufacturing company, based in Pune. From 1958 until 2005, the company was known as Bajaj Tempo Motors because it originated as a joint venture between BaJaj Trading Ltd and Germany's Tempo. The company is known for brands like the Tempo, Matador, Minidor and Traveller. Over the last five decades, it has partnered with global manufacturers such as Rolls Royce,BMW,Daimler, ZF, Bosch, VW, Traton and MAN.

Mahindra & Mahindra is an automobile manufacturing company located in Mumbai, Maharashtra. It was established in 1945 as Mahindra & Mohammed and later renamed Mahindra & Mahindra. Part of the Mahindra Group, M&M is one of the largest vehicle manufacturers by production in India. Its unit, Mahindra Tractors, is the largest manufacturer of tractors in the world by volume. It was ranked 17th on a list of top companies in India by Fortune India 500 in 2018. Its major competitors in the Indian market include Maruti Suzuki India and Tata Motors. Dr. Anish Shah is the current CEO and Managing Director of Mahindra & Mahindra.

<span class="mw-page-title-main">Tractors in India</span> Overview of Indian tractor industry

Tractors in India are a major industry and significant contributor to its agriculture output gains.

<span class="mw-page-title-main">Eicher tractor</span> Defunct automobile manufacturer

Eicher tractor was a manufacturer of tractors, agricultural machinery and engines. The company was founded in 1936 by the brothers Josef and Albert Eicher in the Upper Bavaria town of Forstern. The brand name "Eicher" was last used in Europe in 2009 by the Dutch agricultural machinery dealer Hissink & Zonen and is still in use today in India by Eicher Motors, which manufactures tractors & commercial vehicles by this name.

<span class="mw-page-title-main">Automotive industry in Pakistan</span> Overview of the automotive industry in Pakistan

The automotive industry in Pakistan is one of the smallest but fastest-growing industries in the country, growing by 171% between 2014 and 2018. It accounts for 3% of Pakistan's GDP and employed a workforce of over 3.5 million people as of 2018. Pakistan is the 23rd largest producer of automobiles. Its contribution to the national exchequer is nearly Rs. 50-billion. Pakistan's auto market is among the smallest but fastest growing in Asia. 269,792 cars were sold in 2018, but this number declined to 186,716 in 2019 due to austerity measures. In the 1990s and early 2000s, Pakistan had many Japanese cars. With the launch of the first Auto Policy in 2005, Pakistan launched its first indigenous car, Adam Revo. However, after the 2008 elections, the dollar started depreciating, and due to bad governance, many automakers began to halt production, with some exiting Pakistan. Currently, the auto market is dominated by Honda, Toyota, and Suzuki. However, on 19 March 2016, Pakistan passed a second "Auto Policy 2016-21," which offers tax incentives to new automakers to establish manufacturing plants in the country. In response, Renault, Nissan, Proton Holdings, Kia, SsangYong, Volkswagen, FAW, and Hyundai have expressed interest in entering the Pakistani market. MG JW Automobile Pakistan has signed a memorandum of understanding (MoU) with Morris Garages (MG) Motor UK Limited, owned by SAIC Motor, to bring electric vehicles to Pakistan. NLC signed an agreement with Mercedes-Benz to manufacture Mercedes Actros trucks in Pakistan. Pakistan has not enforced any automotive safety standards or model upgrade policies. A few older vehicle models, including the Bolan and Ravi, continue to be sold by Suzuki. On 8 July 2021, Jolta Electric launched the production of electric motorcycles.

<span class="mw-page-title-main">BharatBenz</span> Brand of Daimler India Commercial Vehicles

BharatBenz is a brand of Daimler India Commercial Vehicles (DICV), itself a wholly owned subsidiary of the German manufacturer Daimler Truck AG. The brand is known for its trucks and buses. The headquarters of BharatBenz is at Oragadam, Chennai, India.

Vikram Lal is an Indian billionaire businessman, the founder and former CEO of Eicher Motors, an Indian commercial vehicle manufacturer based in New Delhi, India. He has been a member of the board of directors of The Doon School.

<span class="mw-page-title-main">SML Isuzu</span> Indian vehicle manufacturer

SML Isuzu Limited (SMLI) is a commercial vehicle manufacturer established in 1983. SMLI produces and sells buses, ambulances and customized vehicles. Sumitomo Corporation and Isuzu Motors hold a 44% and 15% stake of the company respectively.

<span class="mw-page-title-main">Giad Auto</span>

Giad Auto, in complete form Giad Automotive Industry Co., Ltd., Is an automobile manufacturer headquartered in Khartoum in Sudan. Founded in March 1997, Giad Auto is a joint venture of the SMT Engineering Co., Ltd. arms companies with the state Military Industry Corporation and operates as a holding company for seven subsidiaries. The production facilities of the company are located 50 kilometers south of the state capital in the newly built industrial city of Giad. The plant has an area of 15 square kilometers. The company started work on 26 October 2000. A source confirms that the company produces trucks under license from Renault and MAN, and passenger cars from Hyundai.

<span class="mw-page-title-main">Volvo Trucks</span> Swedish truck manufacturer

Volvo Trucks is a truck manufacturing division of Volvo based in Gothenburg, Sweden.

<span class="mw-page-title-main">Eicher Polaris Multix</span> Motor vehicle

The Eicher Polaris Multix was a personal utility vehicle manufactured by Eicher Motors and Polaris India. The vehicle was announced in June 2015, and the first vehicle was delivered on 26 August 2015. Multix is promoted by its manufacturer as "India's first personal utility vehicle", able to be used as a people carrier, a cargo carrier and also a power generator.

<span class="mw-page-title-main">Siddhartha Lal</span> Indian businessman (born 1973)

Siddhartha Vikram Lal is an Indian businessman. He is the son of Vikram Lal, and a former chief executive officer (CEO) and the current managing director (MD) of Eicher Motors, a director of Eicher Goodearth Limited and chairman and MD of VE Commercial Vehicles. Lal is credited with the turnaround and revival of Royal Enfield.

<span class="mw-page-title-main">UD Quester</span> Motor vehicle

The UD Quester is a line of heavy-duty commercial vehicle produced by UD Trucks with Volvo Group. It is also related with the new generation of the Quon series made in Japan.

References

  1. 1 2 3 Kumar, Shivendra (11 May 2024). "Eicher Motors Q4 results: PAT jumps 18% YoY at Rs 1,070.45 crore. Rs 51/share dividend announced". The Economic Times. Retrieved 11 May 2024.
  2. 1 2 3 "BalSheet 31.03.2024".
  3. "Annual and Sustainability Report 2016" (PDF). Volvo. p. 74. Archived from the original (PDF) on 2 July 2017. Retrieved 12 August 2017.
  4. "Investor Presentation May 2022" (PDF). Eicher Motors. p. 47. Retrieved 16 February 2023.
  5. Mishra, Lalatendu (13 August 2020). "Eicher Motor subsidiary to buy Volvo India's bus business for ₹100 crore". The Hindu. ISSN   0971-751X . Retrieved 9 January 2021.
  6. "Eicher Motors ends JV with US-based Polaris". The Times of India. 12 March 2018. Retrieved 16 February 2023.
  7. "VE Commercial Vehicles Ltd". www.vecv.in.