14th October 2020
News source : The New Indian Express (11th October’20), Image source : Volvo Trucks India
• “Volvo Group India’s business includes trucks, buses and construction equipment. Almost 40 per cent of our revenue comes from the truck segment while construction equipment segment contributes 30 per cent and buses another 10 per cent. The remaining 20 per cent comes from our services.” - Kamal Bali Managing Director of Volvo Group India said.
• "In trucks and construction equipment, we have reached our pre-Covid sales figure in September. Till June we lost almost 50 per cent of our business, but things started improving from July onwards. However, in bus segment we are still at 20 - 25 cent of pre-Covid level sales. Demand will remain low for now as people are reluctant to travel by public transport." He said.
• "Volvo trucks are mainly used in mining activities. As the mining sector opened up there was huge pent up demand which brought good traction for us. Adding to it, recent reforms in the coal mining sector have also boosted our sales." He added
• Looking at the encouraging demand, we are expecting a marginal growth of about 5% to 7% in our truck business during the festive season (September to December period) over last year. At times even if there is demand, customers face problems due to lack of retail finance from banks. To resolve the issue, we have Volvo Financial Services to provide financing solutions to customers.
• Very soon our Innovation Centre, which is coming up at Banglore, will become operational. This is our first innovation centre outside of Sweden. We are bullish about Indian market and we have started exporting engines from our Pithampur plant to other countries. We also have plans to introduce a fossil fuel free version of all our products by 2030.
News source : The Economic Times (12th October’20), Image source : DNA India
• Union Minister Nitin Gadkari will lay the foundation stone of seven highway projects worth Rs 11,571 crore in Kerala on Tuesday, the government said. In addition, the Road Transport, Highways and MSMEs minister will inaugurate a 27 km highway project - Kazhakoottam to Mukkola, built at a cost of Rs 1,121 crore.
• Over 200 km long highways worth Rs 12,692 crore will give a big boost to the economic prosperity of the state, it added.
• The event will be attended by the Governor Arif Mohammed Khan, Chief Minister Pinarai Vijayan and Union Ministers V K Singh and V Muraleedharan, Ministers from the State, Members of Parliaments, MLAs and senior officers from the Centre and the state.
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