Tata Daewoo claims to have a presence in more than 90 markets worldwide, which includes using knock-down (KD) assembly operations in seven countries.

Iveco announced a positive set of financial results for the 2023 year, including EUR 16 billion in consolidated revenues (up 13% from 2022), an adjusted EBITA of EUR 940 million (up EUR 413 million compared to 2022) and an adjusted net income of EUR 352 million (up EUR 127 million from 2022 figures).

On 14 March, Schmitz Cargobull Ltd took over the King’s Suite of the Hilton Metropole, situated near the NEC in Birmingham, to launch the ‘S.KOe Cool’, an all-new fully-electric refrigerated semi-trailer which is the first of its kind to receive type approval for the European market.

Once valued at GBP 200 million (2022), the company has blamed UK Prime Minister Rishi Sunak for pushing back the ban on ICE vehicles. Lunaz has ceased operations of its commercial unit ahead of a restructuring, with plans to revive its passenger car repowering business in the near future.

The company announced record full-year sales of USD 3,035 million, which increased the Earnings Per Share (EPS) to a record USD 7.04, up 34 per cent from 2022. 2023 net income was USD 673 million, compared with 2022 figures of USD 531 million.

In an attempt to generate operational capital, the Board approved plans for an accelerated book-build offering of newly issued ordinary shares at an extraordinary general meeting on 29 January 2024.

The company reported a record production of 69,800 units (68,000 in 2022), up 1,800 from the previous year. 57,900 of these were medium and heavy-duty CF, XD, XF, XG and XG+ trucks that came off the production line (56,100 in 2022) and the other  11,900 being  LF and XB distribution trucks.

Inflation, higher energy costs, supply chain disruptions, and the continuing impact of the COVID-19 pandemic on the company’s finances were cited as reasons behind the decision to slash the company workforce.

The company announced increased sales in 2023, with 526,053 trucks and buses sold compared with 520,291 in 2022. Despite supply chain issues, it tripled its BEV sales in 2023 to 3,443, or 277% more than in 2022 (914 units).

In the heavy vehicle segment, the company sold 145,506 battery units in 2023 compared with 87,844 the previous year, a change of +65.6%. Conversely, in the light vehicle segment, 2023 sales rose to 25,831, a +11.5% increase from 2022 figures (23,175). Analysing total sales, 2023 saw a 54.3% growth, to 171,338, from 2022 sales figures of 111,019.

The company reported that sales of Maxus vans grew by 46% in 2023, while its battery electric vans took fourth place in the UK LCV-EV market, and it forecasts growth of 50% across all brands this year. 

Schwarzmüller cited increasing materials and energy costs, and “an unsteady market environment”, as factors which contributed to the lower sales figures in 2023.