DICV demonstrates sets the course for sustainable growth
Daimler India Commercial Vehicles (DICV), a wholly-owned subsidiary of Daimler Truck AG (“Daimler Truck”), reflected on its resilient and transformative performance in 2024. Despite the Indian commercial vehicle market experiencing an overall ten percent decline due to macroeconomic challenges, elections, erratic monsoon, and sectoral uncertainties, DICV strengthened its core operations and laid a strong foundation for sustainable growth through a firm commitment in innovation, sustainability, quality, and customer-centric solutions.
While an overall market recovery was anticipated post-election, the demand in the Indian commercial vehicle industry remained subdued across several key sectors. Despite facing this challenging market environment, DICV achieved its highest ever annual bus sales of around 2,200 units, representing a 10.5% year-on-year growth driven by replacement demand and the expansion of transportation solutions. DICV bus exports also increased by 65.9% to about 1,000 units, reflecting growing global demand for high-quality and made-in-India buses.
Customer service revenue rose to INR 1,381 Cr., marking a 27.8% increase over the previous year, while aftermarket revenue grew 18% year-on-year. Collectively, both segments now contribute a significant share of the company’s top line with their strong performance in 2024.
Satyakam Arya, Managing Director and CEO, Daimler India Commercial Vehicles, said: “Despite numerous challenges, 2024 has been a year of resilience for us. In a time marked by geopolitical tensions and domestic elections, our entire industry faced significant tests. However, through collective strength, we have emerged stronger by focusing on what truly matters - our customers, products, and people. Therefore, I am incredibly proud to share that we recorded our highest-ever bus sales, a remarkable milestone that reflects our dedication and hard work. Additionally, we expanded our aftermarket and customer service business, and took decisive actions in innovation, sustainability, and transformation. Each of these achievements is the result of the strength and agility of our strategy and the exceptional team at DICV.”
Alexander Schoen, Chief Financial Officer, Daimler India Commercial Vehicles, said: “Despite the tough market environment in 2024, our revenue mix developed positively, driven by a 30.7% growth in domestic bus revenue and 58.5% increase in bus export revenue. With our customer service and components business collectively generating over INR 2,200 Cr., our business fundamentals remain strong. In addition to these financial successes, we have continued to invest in advanced technologies and sustainable practices that position us for long-term, sustainable growth.”
Sustainability has been an important cornerstone of DICV’s strategy since the inception of its operations in India. In April 2024, the company transitioned to 100% renewable power for its activities under Scope 2 emissions, representing a major milestone in its sustainability journey. Since its launch in 2014, the CC has exported over 10,000 containers and 300 million parts to Daimler Truck plants worldwide, becoming a vital pillar in the company’s global supply chain — recognized for quality, efficiency, and reliability.
In 2024, DICV expanded its product portfolio with the launch of its new range of BharatBenz Heavy-Duty Rigid Trucks. Additionally, the company introduced the all-new BharatBenz TorqShift tipper range, featuring globally proven AMT technology, successfully deployed in hundreds of thousands of Daimler Truck heavy-duty vehicles worldwide.
DICV continues to make significant strides toward becoming a more efficient and future-ready organization. Through its company-wide “BharatBenz Way” initiative, DICV has set its sights on winning the prestigious Deming Award, a globally recognized honor for excellence in Total Quality Management (TQM). This initiative marks a transformative journey aimed at embedding quality, efficiency, and continuous improvement across all operations. With this focused approach, DICV is not only building a stronger organization for today but laying a robust foundation for tomorrow.
