Eicher Motors

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.

For the German Eicher company, see Eicher tractor.

Eicher Motors Limited
TypePublic
ISININE066A01013
IndustryAutomotive
Founded1948 (1948)
FounderVikram Lal
HeadquartersNew Delhi, India
Area served
Worldwide
Key people
Products
RevenueIncrease ₹15,037.29 crore (US$1.9 billion) (2023)[1]
Increase ₹3,799.63 crore (US$480 million) (2023)[1]
Increase ₹2,913.94 crore (US$360 million) (2023)[1]
Total assetsIncrease ₹19,197.64 crore (US$2.4 billion) (2023)[1]
Total equityIncrease ₹14,990.28 crore (US$1.9 billion) (2023)[1]
OwnerSiddhartha Lal (49.28%)
Number of employees
4,899 (March 2020) [1]
Subsidiaries
Websitewww.eicher.in

History
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.

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

At present, Volvo Group owns 45.6% of VECV,[2] while Eicher Motors holds the remaining 54.4%.[3] In 2020, VECV bought Volvo Buses India operations for ₹100 crore.[4]

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.[5]

Group structure
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:[6]

  • 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
  • Eicher DragonHook
  • Eicher Sleek

References
  1. "BalSheet 31.03.2023".
  2. "Annual and Sustainability Report 2016" (PDF). Volvo. p. 74.
  3. "Investor Presentation May 2022" (PDF). Eicher Motors. p. 47. Retrieved 16 February 2023.
  4. 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.
  5. "Eicher Motors ends JV with US-based Polaris". The Times of India. 12 March 2018. Retrieved 16 February 2023.
  6. "VE Commercial Vehicles Ltd". www.vecv.in.
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