Company:Eicher Motors

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Eicher Motors Limited
TypePublic
ISIN[https://handwiki.org/wiki/index.php?title=Toollabs:isin/&language=en&isin=INE066A01013 INE066A01013]
IndustryAutomotive
PredecessorGoodearth Company
Founded1948; 78 years ago (1948)
FounderVikram Lal
HeadquartersNew Delhi, India
Area served
Worldwide
Key people
  • S Sandilya (chairman)
  • Siddhartha Lal (Executive Chairman)
Products
RevenueIncrease ₹20,175 crore (US$2.8 billion) (2025)
Increase ₹5,933 crore (US$830 million) (2025)
Increase ₹4,734 crore (US$660 million) (2025)
Total assetsIncrease ₹27,174 crore (US$3.8 billion) (2025)
Total equityIncrease ₹21,296 crore (US$3.0 billion) (2025)
OwnerSiddhartha Lal (49.28%)
Number of employees
4,899 (March 2020)
Websitewww.eicher.in
Footnotes / references
Financials as of 31 March 2025.[1]

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. It also manufactures Eicher branded trucks and buses, under a joint venture with Volvo Group.[2]

History

An Eicher multi-axle lorry

Eicher Motors Limited, the Indian company, is a commercial vehicle manufacturer in India. It traces its origins to the Goodearth Company, established in 1948 to sell and service imported tractors in India. In 1958, Eicher Tractor Corporation of India was established to manufacture tractors in India by Goodearth Company in collaboration with Eicher Tractors of Germany.[3] The company manufactured its first indigenous tractor in 1959, and a year later changed its name to Eicher Tractors India Ltd.[4]

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.[5]

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.[6]

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.[7]

An Eicher garbage truck transporting municipal solid waste

At present, Volvo Group owns 45.6% of VECV,[8] while Eicher Motors holds the remaining 54.4%.[9] In 2020, VECV bought Volvo Buses India operations for ₹100 crore.[10]

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.[11]

Group structure

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

The Eicher Group has business interests in design and development, manufacturing, and local and international marketing of trucks, buses, motorcycles, automotive gears, and components.

VE Commercial Vehicles

VE Commercial Vehicles (VECV) Limited is a joint venture between Volvo Group and Eicher Motors Limited. VECV is divided into five business units:[12]

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

Royal Enfield Motors

Royal Enfield Motors, the motorcycle manufacturing subsidiary, is a part of Eicher Motors.[13]

Vehicles

  • Eicher DragonHawk
  • Eicher multix polaris
  • Eicher Trucks
  • Eicher Buses
  • Eicher Tractors
  • Royal Enfield Motorcycles

In the end of 2025 VE Commercial Vehicles unveiled their ProX line up of new small trucks under Eicher Trucks and Buses brand. The line-up is built from ground up because VECV never had small commercial trucks in any brand. First electric variants were launched with 32 and 40kwh lithium iron phosphate battery with 107hp and 250km range. Later diesel versions were launched with their all new E449 X2 engine a 4 cylinder 2 liter coupled with 5 Speed transmission with output of 80hp and 230nm of torque. The line-up has payload capacity of 1.3 to 1.8 tons with two cargo bed length options 9.8 and 10.8ft. The cabin has sitting capacity of driver plus two pax and built with Indian and European Safety Standards.[14]

References

  1. ↑ "Consolidated Financials for the Quarter and Year Ended March 31, 2025". Eicher Motors. https://www.eicher.in/content/dam/eicher-motors/investor/financial-and-reports/quarterly-results/consolidated-financial-may-14-2025.pdf. 
  2. ↑ "VE Commercial Vehicles Ltd.". https://www.vecv.in/. 
  3. ↑ "Eicher Motors Ltd: A Journey Of Successful Turnarounds" (in en). https://www.forbesindia.com/article/leadership/eicher-motors-ltd-a-journey-of-successful-turnarounds/93970/1. 
  4. ↑ "Eicher :: Eicher Motors Limited :: About Us :: Success Story :: Milestones". https://eicher.in/about-us/milestones. 
  5. ↑ "Eicher Motors Share Price Today Live Updates: Eicher Motors Sees Marginal Decline in Price, EMA5 Reflects Recent Trend" (in en). https://economictimes.indiatimes.com/markets/stocks/stock-liveblog/eicher-motors-share-price-today-live-updates-07-may-2024/liveblog/109901370.cms. 
  6. ↑ "Tafe buys Eicher's tractor, engine & gear businesses for Rs 310 crore". The Economic Times. 2005-05-26. ISSN 0013-0389. https://economictimes.indiatimes.com/tafe-buys-eichers-tractor-engine-gear-businesses-for-rs-310-crore/articleshow/1122079.cms. 
  7. ↑ DHNS. "Volvo set to trim Eicher Motors exposure again" (in en). https://www.deccanherald.com/business/volvo-set-trim-eicher-motors-2131980. 
  8. ↑ "Annual and Sustainability Report 2016". Volvo. pp. 74. http://www.volvogroup.com/content/dam/volvo/volvo-group/markets/global/en-en/investors/reports-and-presentations/annual-reports/annual-and-sustainability-report-2016.pdf. 
  9. ↑ "Investor Presentation May 2022". Eicher Motors: p. 47. https://www.eicher.in/uploads/1652449394_eicher-motors-earnings-presentation-for-4Q-%26-FY2021-22.pdf. 
  10. ↑ Mishra, Lalatendu (2020-08-13). "Eicher Motor subsidiary to buy Volvo India's bus business for ₹100 crore" (in en-IN). The Hindu. ISSN 0971-751X. https://www.thehindu.com/business/eicher-motors-buys-volvo-indias-bus-business/article32343637.ece. 
  11. ↑ "Eicher Motors ends JV with US-based Polaris". The Times of India. 12 March 2018. https://timesofindia.indiatimes.com/business/india-business/eicher-motors-ends-jv-with-us-based-polaris/articleshow/63268139.cms. 
  12. ↑ "VE Commercial Vehicles Ltd.". http://www.vecv.in. 
  13. ↑ Saraiya, Kriti (March 22, 2024). "Eicher Motors incorporates 100% subsidiary 'Royal Enfield Europe' in Netherlands" (in en). The Economic Times. https://auto.economictimes.indiatimes.com/news/two-wheelers/eicher-motors-incorporates-100-subsidiary-royal-enfield-europe-in-netherlands/108713432. 
  14. ↑ "Eicher Pro X Diesel: A Ground-Up Indian SCV Built for a Fast-Evolving Economy – Motorindia" (in en-US). https://www.motorindiaonline.in/eicher-pro-x-diesel-a-ground-up-indian-scv-built-for-a-fast-evolving-economy/. 

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