Demand for medium and heavy rigid trucks across India declined by 4.4% to total 250,969 units in FY 2023.

Bus and coach domestic sales (>7.5t gvw) in FY2023 (ending March 31, 2024) increased by 38.4% to 53,136 units.

Sales of LCV goods carrier (trucks) vehicles (gvw ≤ 7.5t) fell by 2.9% to 542,934 units in FY 2023 (ending March 31, 2024).

Sales of light-duty passenger vehicles (7.5 tons and below) increased by 16.8% to 51,750 units in FY 2023 (ending March 31, 2024).

Models include LNG and BEV tippers and tractors.

The MoU outlines an investment over a span of five years, with the potential to generate up to 5,000 jobs, both directly and indirectly.

JBM is becoming a major suppliers of city buses in India. It also has plans to export to Europe.

The plant is to have the capacity to produce 2,500 buses annually, but has been designed with the opportunity to double this, when required.

The facility is fully digitally controlled and is equipped with advanced storage systems, including gravity spiral and vertical reciprocating conveyors.

Tractor sales fell by 11.8% during the fourth quarter of FY 2023 (ending March 31, 2024) to register 20,061 units.

Sales of medium and heavy rigid trucks (7.5t gvw and above) in India decreased by 13.2% in Q4 (January to March) of FY2023-24 to register 69,983 units.

Domestic sales of buses and coach (7.5t gvw and above) increased by 39.6% in Q4 of the financial year 2023 (ending March 31, 2024) to register 20,048 units.