DICV Shows Resilience in 2024, Paves Way for Growth in 2025

Chennai - Daimler India Commercial Vehicles (DICV)., a subsidiary of Daimler Truck AG and a commercial vehicles manufacturer, has showcased remarkable resilience and transformation throughout 2024, despite a challenging market environment. The Indian commercial vehicle sector faced a significant 10% decline this year, impacted by macroeconomic headwinds, elections, erratic monsoons, and sectoral uncertainties. Yet, DICV managed to strengthen its core operations, laying a solid foundation for sustainable growth through unwavering focus on innovation, sustainability, quality, and customer-centric solutions.

Despite subdued demand post-election, DICV recorded its highest-ever annual bus sales of around 2,200 units, up 10.5% year-on-year, driven by replacement demand and expanded transport solutions. Bus exports jumped nearly 66% to 1,000 units. Customer service and aftermarket revenues also grew strongly by 27.8% and 18%, respectively, boosting DICV’s overall business resilience in 2024.

Mr. Satyakam Arya, Managing Director and CEO of DICV, said, “Despite numerous challenges, 2024 has been a year of resilience. Geopolitical tensions and domestic elections tested our industry, but through collective strength and focus on our customers, products, and people, we emerged stronger. Achieving our highest-ever bus sales is a testament to our dedication and hard work. We also expanded our aftermarket and customer service businesses and made significant strides in innovation, sustainability, and transformation.”

Mr. Alexander Schoen, Chief Financial Officer of DICV, said, “Despite the tough market environment, our revenue mix developed positively with domestic bus revenue growing 30.7% and bus export revenue increasing 58.5%. Beyond financial performance, we continued investing in advanced technologies and sustainable practices that position us for long-term growth.”

Sustainability is central to DICV’s strategy. In April 2024, it switched to 100% renewable power and became the first in India to earn IGBC Green Factory Building Version 2 certification. DICV also marked 10 years of its Consolidation Center, which has exported over 10,000 containers and 300 million parts globally, strengthening its role in Daimler Truck’s supply chain.

In 2024, DICV expanded its lineup with new BharatBenz Heavy-Duty Rigid Trucks and the TorqShift tipper range featuring advanced AMT technology, currently revolutionizing the mining sector. The company also became India’s first OEM to launch a state-of-the-art facility for vehicle safety and CoP testing, supporting regulatory compliance and product excellence.

The “BharatBenz Way” drives DICV’s transformation into a more efficient, future-ready organization focused on quality and continuous improvement, aiming for the Deming Award. In 2024, DICV earned a Gold Award at the ICQCC in Sri Lanka and secured second place in the FADA Dealer Satisfaction Study.