Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of Daimler Truck AG ("Daimler Truck"), today reflected on its resilient and transformative performance in 2024. Despite a ten percent decline in the Indian commercial vehicle market due to macroeconomic headwinds, general elections, erratic monsoon patterns, and sectoral uncertainty, DICV reinforced its core operations and laid the groundwork for long-term sustainable growth. This was driven by steadfast commitments to innovation, sustainability, quality, and customer-centric solutions.
Business resilience: Buses and aftermarket performance drove DICV's results in 2024
While a post-election market rebound had been anticipated, demand in the Indian commercial vehicle sector remained muted across several key segments. Nevertheless, DICV achieved its highest-ever annual bus sales, with approximately 2,200 units sold—marking a 10.5% year-on-year increase, fuelled by replacement demand and the broadening of transport solutions. Exports of buses surged by 65.9% to around 1,000 units, highlighting growing global demand for high-quality, Made-in-India buses.
Customer service revenue reached INR 1,381 crore, reflecting a 27.8% rise over the previous year. Meanwhile, aftermarket revenue grew 18% year-on-year. Together, these segments now represent a significant portion of the company's top line and were pivotal in maintaining strong performance throughout 2024.
Satyakam Arya, Managing Director and CEO, Daimler India Commercial Vehicles, said:
"Despite numerous challenges, 2024 has been a year of resilience. In a time marked by geopolitical tensions and domestic elections, our industry faced considerable trials. Yet, we emerged stronger by focusing on what matters most—our customers, our products, and our people. I am immensely proud that we recorded our highest-ever bus sales, a remarkable milestone that underscores our team's dedication and hard work. Additionally, we expanded our aftermarket and customer service operations, and took decisive steps in innovation, sustainability, and cultural transformation. These achievements reflect the robustness of our strategy and the excellence of the DICV team."
Alexander Schoen, Chief Financial Officer, Daimler India Commercial Vehicles, added:
"Despite the difficult market climate, our revenue mix improved significantly in 2024, supported by a 30.7% increase in domestic bus revenue and a 58.5% rise in bus export revenue. Together, our customer service and components businesses generated over INR 2,200 crore, reaffirming the strength of our business fundamentals. Beyond the financials, we continue to invest in advanced technologies and sustainable practices that position us for future growth."
Sustainability leadership: 100% renewable power milestone
Sustainability has always been a key pillar of DICV's operational strategy. In April 2024, the company transitioned to 100% renewable energy for activities under Scope 2 emissions—a significant milestone in its sustainability journey. DICV also became the first facility in India to achieve the Indian Green Building Council (IGBC) Green Factory Building Version 2 certification, reaffirming its leadership in green manufacturing.
Operational excellence: A decade of global supply chain contribution
DICV celebrated ten years of operations at its Consolidation Centre (CC) in India. Since its inception in 2014, the CC has exported more than 10,000 containers and 300 million parts to Daimler Truck plants globally. The facility is now a key pillar of the company's global supply chain, known for its efficiency, reliability, and quality.
Strategic product innovation: Expansion of the BharatBenz portfolio
In 2024, DICV expanded the BharatBenz portfolio with the launch of its new range of Heavy-Duty Rigid Trucks. Additionally, the company introduced the BharatBenz TorqShift tipper AMT range, incorporating globally proven AMT technology used in hundreds of thousands of Daimler Truck heavy-duty vehicles worldwide.
The TorqShift AMT has already begun transforming the mining sector and is expected to be extended to other key applications. DICV also became the first OEM in India to establish a state-of-the-art facility for vehicle safety and Conformity of Production (CoP) testing, in line with evolving regulatory standards and its ongoing commitment to quality and compliance.
Cultural transformation: The "BharatBenz Way"
DICV continues its journey toward becoming a more efficient, agile, and future-ready organisation through the "BharatBenz Way"—a company-wide initiative aiming to win the prestigious Deming Award for Total Quality Management (TQM). This transformation journey focuses on embedding quality, operational excellence, and continuous improvement across all functions.
The company's commitment to quality was further validated by a Gold Award at the International Convention on Quality Control Circles (ICQCC) in Sri Lanka and a strong second-place ranking in the 2024 Dealer Satisfaction Study by the Federation of Automobile Dealers Associations (FADA).
Satyakam concluded,"Looking back, 2024 was a year of meaningful achievement and transformation. I'm proud of our team for achieving 100% renewable power ahead of schedule and for receiving global accolades for their efforts. The performance this year reflects our commitment to operational excellence and our transformation under the BharatBenz Way. As we move into 2025, we are confident in our ability to meet the challenges of the Indian commercial vehicle market with robust products that serve the real needs of our customers. Our focus will remain on innovation, sustainability, and building a more resilient, future-ready organisation."
