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According to Indian media reported on September 5, Force Motors wanted to focus on light commercial vehicles (LCVs) and multi-purpose vehicles (UVs) in order to achieve sales growth in the current slow market environment. The Pune-based company plans to introduce new models as well as variants of off-road vehicles and sports utility vehicles to increase sales.
According to the companyâ€™s recently released annual report, the growth prospects for vans, utility vehicles, and light commercial vehicles are expected to be more positive in the short term, and the company is striving to increase vehicle production, sales, and market share in these areas. The strong revenue growth in FY2012 was mainly attributed to the light commercial vehicle market and the multi-purpose vehicle market. Force Motors continues to increase its market share in the light commercial vehicle market (the passenger car market). The companyâ€™s share in this market has nearly doubled from 15.6% in fiscal year 2008 to approximately 34.5% in fiscal year 2012. In the first four months of the current fiscal year, the company has sold 6025 LCV passenger cars, an increase of 17% year-on-year, compared to the same period in the previous fiscal year, even though consumers are worried about the slowdown in economic growth. Sold 5155 vehicles. Because the company has achieved outstanding results with double-digit growth, its share in this market is as high as 31%. Tata Motors sold 8,737 vehicles in April-July 2012. The company has become the market leader in the light commercial vehicle market with a 45% market share.
Although Force Motors is expected to launch a new variant of the SUV Force One in the coming weeks, the company has also placed a big stake in the Traveller brand bread body. The report pointed out that the Traveller series car equipped with a retail engine using common rail management technology received a very good response. The growth of this product category is pleasant. The company has also taken various measures to increase the production of the vehicle in order to meet the growing market demand. In addition, Traveller's Euro IV version (more advanced technology in design) will also be on the market.
However, in the cargo transportation market, the company's sales have been showing a downward trend. For the first four months of the current fiscal year, the sales of light commercial vehicles by Force Motors fell to 1,798, compared to 2,379 units in the same period of the previous fiscal year. At the same time, the company has also been very hard to launch new products in order to increase sales and market share. In fiscal 2012, the companyâ€™s turnover increased by 33% to 22.82 billion Indian rupees, compared with 17.16 billion Indian rupees in the previous fiscal year. For the first quarter ended June 30, 2012, the companyâ€™s net sales increased by 19% to 4.902 billion Indian rupees, while net sales for the same period last fiscal year were 41.3111 billion Indian rupees. However, the companyâ€™s net profit fell from 193 million Indian rupees in the same period last year to 103.3 million rupees.
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