Eicher Motors

Eicher Motors Limited
Public
Traded as
Industry Automotive
Founded 1948 (1948)
Founder Vikram Lal
Headquarters New Delhi
Key people
 Siddhartha Lal (CEO & MD)
Products Commercial vehicles, engines
Production output
 VECV Ltd  :: Increase 58,604 units (2016)
Revenue VECV Ltd  :: Increase ₹9,315.85 crore (US$1.3 billion) (2016)
VECV Ltd  :: Increase ₹443.91 crore (US$62 million) (2016)
VECV Ltd  :: Increase ₹348.29 crore (US$49 million) (2016)
Owner Siddhartha Lal
Subsidiaries
Website www.eicher.in

Eicher Motors Limited (EML) (BSE: 505200, NSE: EICHERMOT Bloomberg: EIM IN Reuters: EICH.NS) is a manufacturer of motorcycles and commercial vehicles. It is the parent company of Royal Enfield, a manufacturer of middleweight motorcycles. The world’s oldest motorcycle brand in continuous production, Royal Enfield has made its distinctive motorcycles since 1901. Royal Enfield operates in India, and over 40 countries around the world. With development facilities in Leicestershire, UK and Chennai, India, Royal Enfield makes its motorcycles in Tamil Nadu.

In addition to motorcycles, Eicher has a joint venture with Sweden’s AB Volvo - Volvo Eicher Commercial Vehicles Limited (VECV) - which is driving modernization in India's commercial vehicle space, and in other developing countries. VECV has a range of trucks and buses from 5-49 tonnes, and its integrated manufacturing plant in Pithampur, Madhya Pradesh is the global hub for medium duty five- and eight-litre engines for Volvo Group. Since 2012, Eicher has an equal joint venture with US-based Polaris Industries Inc - Eicher Polaris Private Limited - and introduced the Multix 3-in-1 vehicle.

History

Eicher Truck in Mysore

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 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.

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, EML and Volvo Group's 50:50 joint venture VE Commercial Vehicles (VECV) designs, manufactures and markets commercial vehicles, engineering components and provides engineering design.

An Eicher Multi-Axle lorry

At present, Volvo Group owns 45.6% of VECV.[1]

Group structure

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 (EML). VECV is divided into five business units:[2]

  • Eicher Trucks and Buses
  • Volvo Trucks India
  • Eicher Engineering Components
  • VE Powertrain

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

Vehicles

References

  1. ↑ "Annual and Sustainability Report 2016" (PDF). Volvo. p. 74.
  2. ↑ "VE Commercial Vehicles Ltd". www.vecv.in.
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