Last fiscal, the company Leyland sold 1,14,247 M&HCVs in the domestic market posting a growth of 75.5 percent over FY22. Its LCV sales stood at 66,669 units, a jump of more than 28 percent over the previous year. For representational purpose

Ashok Leyland, the flagship Hinduja company, expects the domestic commercial vehicle industry to grow by 8-10 per cent this fiscal because of record government infrastructure spending, strong replacement demand and a healthy traction from core industries such as steel, cement and mining.

Addressing the shareholders in the company’s Annual Report for 2022-23, Ashok Leyland Chairman Dheeraj G Hinduja said the commercial vehicle sales this fiscal was like to exceed the previous peak touched in pre-Covid levels of 2018-19.

The company is fully prepared to take advantage of the anticipated opportunities without compromising on market share and profitability targets, he added.

“Moving on, it is reasonably expected that in FY24, the demand is expected to exceed pre-Covid levels of 2018-19,” Hinduja mentioned.

The company, which has a capital expenditure of nearly Rs 500-700 crore in FY23, is also concentrating on developing alternate fuel technology.

Talking about the product and technology, Hinduja said the auto major is making good progress in alternate propulsion development.

The Chennai-based commercial vehicle maker chairman said the auto expo held at New Delhi in January this year provided a great opportunity to demonstrate the technological readiness for the future, and the company showcased a wide range of alternative fuel products ranging from CNG and LNG, to Battery Electric and Hydrogen ICE and so on.

Last fiscal, the company Leyland sold 1,14,247 M&HCVs in the domestic market posting a growth of 75.5 percent over FY22. Its LCV sales stood at 66,669 units, a jump of more than 28 percent over the previous year.

Switch mobility, through which the company is positioning the electric vehicles, has gained considerable momentum in FY23 and has already made a mark in the industry.

The electric LCV is slated for introduction later this year, he said.

Courtesy: Money Control, FE