Japanese pick-up truck specialists Isuzu Motors India has topped the list for exporting the highest number of made-in-India commercial vehicles for FY2025 as per the latest data released by the Society of Indian Automobile Manufacturers (SIAM).

The company currently manufactures LHD (Left Hand Drive) and RHD (Right Hand Drive) models at its Sri City facility and exported 20,312 units in FY2025, up 24 percent YoY, as against 16,329 units for the same period last year. At present, Isuzu Motors India's made-in-India pick-up trucks are sold in the Middle East and Asia markets.

On the other hand, Tata Motors slipped to the second position with exports of 18,164 units, registering a flat growth, as compared to 17,677 units shipped last year.

Mahindra & Mahindra clocked a 38 percent YoY growth with export of 17,959 units, as against 13,011 units last year.

It is also important to note that FY2025 also marked a record milestone year for Isuzu Motors India, when it rolled out its 100,000^th unit from its Sri City facility.

Interestingly, a closer look at the top five commercial vehicles exporter reveals that cumulatively they sold 76,871 units, up 22.81 percent YoY, as against 62,591 units last year. This translates to an average yearly growth of 26 percent amongst them.

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With the revised Euro 14.40-per-share offer securing provisional acceptances covering 87.81 percent of Iveco's common share capital as a key condition for the acquisition, Tata Motors has crossed perhaps the most crucial challenge in the takeover of the Italian commercial vehicle major. As and when the deal reaches finality, the Tata Motors’ subsidiary, TML CV Holdings B.V., would come to hold approximately 89.42 percent of Iveco's common share capital excluding treasury shares.
In a regulatory filing dated October 27, Tata Motors said 238.16 million Iveco common shares had been tendered under the voluntary takeover offer by the October 26 deadline. The shares represent approximately 87.81 percent of Iveco's common share capital covered by the offer. 
The provisional results indicate that the revised 80 percent acceptance threshold has been met, subject to confirmation of the results and fulfilment of the remaining offer conditions.
The offer, made through TML CV Holdings B.V., values the tendered shares at approximately Euro 3.43 billion (at the revised price of Eur14.40 per share) including dividends. Tata Motors had initially offered Euro 14.10 per share before increasing the price by Euro 0.30 on 9 October 2026.
The company said the increase was intended to account for a delay of approximately four months in the acquisition process. Tata Motors managing director and chief executive Girish Wagh had described the increase as a goodwill gesture, maintaining that the revised Euro 14.40 offer was the company's best and final proposal.
The latest development follows Tata Motors' confidence expressed during its second-quarter FY27 earnings call that the offer would cross the 80 percent threshold. Management had also said the transaction structure provided a route towards full ownership once the threshold was achieved.
Under the offer timetable disclosed in the filing, payment for shares tendered during the initial acceptance period was scheduled for October 30, subject to the applicable conditions. 
The offer period was also scheduled to reopen for five trading days from November 2 to November 6, allowing shareholders who had not tendered their shares during the initial period another opportunity to participate. Payment for shares tendered during this reopened period was scheduled for November 13.
The acquisition covers Iveco's commercial vehicle businesses and excludes its defence business, which is being separated from the group. The transaction is intended to combine Tata Motors' commercial vehicle operations with Iveco's international presence and product portfolio, expanding the Indian manufacturer's reach in global markets.

Export growth 
The Iveco transaction was a key topic during Tata Motors' Q2 FY27 earnings call, where management also discussed the company's operating performance and international expansion.
Responding to a question from Motoring Trends on the sustainability of the 177 percent year-on-year increase in commercial vehicle exports during the quarter, Wagh attributed a significant part of the growth to an order secured from Indonesia.
The company expects the Indonesian order to contribute during the current financial year and a substantial part of the following financial year. Management also reported healthy double-digit quarter-on-quarter growth in exports outside Indonesia between the first and second quarters, supported by improvements in sub-Saharan Africa, Nepal and Sri Lanka.
The response indicates that the exceptional year-on-year growth was largely driven by the Indonesian order, although the company also reported an improvement in its other export markets.
The international expansion assumes added significance in the context of the Iveco acquisition, which would broaden Tata Motors' commercial vehicle presence beyond India. However, management did not provide a quantified estimate of the acquisition's future contribution to exports or specify how the combined businesses would affect individual market positions.

Pressure on margins
The management was also questioned about the company's ability to sustain profitability as revenue grew by around 42 percent while EBITDA margins declined by 90 basis points.
Wagh outlined three measures to protect profitability including improving cost efficiencies, particularly in variable costs, controlling expenses and implementing calibrated price increases.
He added that the company was seeking to balance cost recovery with the need to protect demand momentum, while maintaining EBITDA margins above 10 percent in line with its commitment to the market.
The response comes against a backdrop of rising commodity costs, which management said continued to put pressure on the business. Tata Motors has been using a combination of pricing actions and internal cost measures to absorb these increases without fully passing the burden on to customers.

EV profitability 
The profitability outlook for electric commercial vehicles, following reported growth of around 2.4 times in electric commercial vehicle volumes during Q2 FY27, was also raised during the call. 
Asked when Tata Motors expected its electric truck and bus business to achieve profitability compared with diesel vehicles, Wagh said it evaluates profitability at the individual-model level and was satisfied with the progress of its electric vehicle business.
Rather than providing a specific profitability timeline, he highlighted the company’s focus on pricing, accelerating total cost of ownership parity for customers and offering an integrated ecosystem solution.
The top executive noted that the approach went beyond the vehicle itself to support the transition from internal combustion engine vehicles to electric alternatives. He did not specify when electric commercial vehicles would achieve profitability parity with their diesel counterparts.

Q2 earnings
Wagh said the company had delivered another quarter of strong financial performance supported by disciplined execution, operational agility and a continued focus on profitable growth.
Standalone revenue for the quarter rose 42 percent year-on-year to INR 239.3 billion, the company's highest-ever revenue for a second quarter. EBITDA increased 31 percent to INR 28.06 billion, while the EBITDA margin stood at 11.7 percent, unchanged sequentially but down 90 basis points from a year earlier.
Operating leverage, disciplined pricing actions and cost-efficiency measures partially offset the impact of commodity inflation.
The EBIT margin declined 50 basis points year-on-year to 9.7 percent. Profit before tax and exceptional items increased 51 percent to INR 26.6 billion, while profit after tax rose 310 percent to INR 21.38 billion. The sharp increase in net profit reflected a lower comparison base following an investment impairment recognised in the second quarter of fiscal 2026.
Strong operating performance and working capital management generated free cash flow of INR 46.06 billion during the quarter, taking first-half fiscal 2027 free cash flow to INR 57.21 billion.
Net cash for the domestic business stood at INR 113.48 billion as of September 30, 2026. Return on capital employed in the automotive business remained robust at 65 percent.
Consolidated revenue increased 36 percent year-on-year to INR 253.38 billion in the second quarter of fiscal 2027.
EBIT rose 30 percent to INR 27.7 billion, while the EBITDA margin stood at 10.9 percent, down 40 basis points year-on-year but unchanged sequentially. The consolidated EBIT margin was 8.9 percent, an increase of 20 basis points from a year earlier.
Profit before tax and exceptional items rose 423 percent year-on-year to INR 17.8 billion, while profit after tax increased 244 percent to INR 12.53 billion.
The year-on-year increase in profit reflected a lower comparison base following a higher mark-to-market loss on Tata Capital investments recognised in the second quarter of fiscal 2026.
Tata Motors reported consolidated net cash of INR 158.8 crore as of September 30, 2026.
Tata Motors intends to build on the prevailing demand momentum while ensuring supply readiness, Wagh said.
Commodity costs are expected to remain a headwind. The company plans to mitigate the pressure through cost management, operating efficiencies and calibrated pricing actions.
Its priority remains sustainable, profitable growth and long-term value creation for stakeholders.

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Pune-headquartered alternative commercial vehicle maker Blue Energy Motors has signed a Memorandum of Understanding (MoU) with the Ministry of Road Transport and Highways (MoRTH) under the PARIVARTAN Scheme. The partnership aims to facilitate the replacement of commercial vehicles with electric trucks within the Delhi-National Capital Region.

The initiative supports the transition to freight mobility options by incentivising the replacement of transport units. Blue Energy Motors deploys electric and liquefied natural gas truck platforms across freight routes, accumulating operational distance and reducing emissions.

Anirudh Bhuwalka, Founder & Managing Director, Blue Energy Motors, said, "The PARIVARTAN Scheme is an important step towards accelerating the transition to cleaner freight mobility in India. Our participation reflects Blue Energy Motors’ commitment to supporting the Government’s vision for sustainable transportation and enabling wider adoption of electric heavy-duty trucks. We believe that the right policy support, coupled with advanced technology and a strong domestic manufacturing ecosystem, can play a pivotal role in accelerating India’s transition towards zero-emission freight transportation."

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SWITCH Mobility Ltd, a global leader in electric buses and light commercial vehicles and part of the Hinduja Group, has joined forces with intercity operator PURPLE BUS to roll out the region's first electric bus service linking Nagpur and Chandrapur, widening the operator's Vidarbha footprint. Union Minister of Road Transport and Highways Nitin Gadkari oversaw the ceremonial dispatch of the inaugural six units, drawn from a 50-bus EiV12m intercity electric order placed by Purple Bus for deployments across Vidarbha.

Organisers chose Dussehra, a festival traditionally viewed as favourable for fresh ventures, as the launch date, a nod to the manufacturer's continuing push for safe, dependable and sustainable public transport in the region. Travellers between the two cities stand to gain better connectivity along with a safe, comfortable and eco-friendly way to travel.

The Nagpur–Chandrapur service is the third intercity project this year between SWITCH Mobility and Prasanna Purple Mobility Solutions, building on electric coach launches along the Mumbai–Pune and Dombivli–Pune corridors in April 2026 and October 2026, respectively. The recurring tie-up points to rising operator confidence in electric buses for high-frequency intercity routes and to SWITCH Mobility's growing part in India's shift towards sustainable intercity travel.

The new route strengthens the partnership with Prasanna Purple Mobility Solutions and furthers the company's wider aim of making zero-emission public transport accessible in Indian cities and towns. Linking key Vidarbha centres, the service is expected to ease daily commutes, boost local economic activity and speed the move towards cleaner intercity mobility. The EiV12m coach, engineered for long-distance journeys, pairs 45 pushback seats and a 350 km per-charge range with fast-charging capability, advanced safety systems, a quiet ride and SWITCH iON connected technology for real-time monitoring.

Ganesh Mani, Chief Executive Officer, SWITCH Mobility, said, “Nagpur and Chandrapur share a close economic and cultural relationship, and strengthening this corridor with our partner Prasanna Purple Mobility Solutions is an important step in our mission to build future-ready public transport across India. Following our deployment on the Mumbai–Pune route earlier this year, we are glad to extend this partnership to Vidarbha and to contribute to the region’s growth by supporting the everyday movement of the people who depend on it. This launch reaffirms our commitment to sustainable, people-first mobility solutions in Maharashtra and beyond.”

Saurabh Patwadhan, Director, PURPLE BUS, said, “At PURPLE BUS, our goal is to make electric the default way people travel between cities, not the exception. We are building that future route by route, from Mumbai–Pune, one of India’s busiest corridors, to Nagpur–Chandrapur, where we now bring Vidarbha its first electric bus service. Our fleet has already covered more than one million kilometres (1,000,000 km) in electric intercity operations, and the data shows what many operators doubted: electric coaches deliver a lower total cost of ownership and a lower cost per passenger-kilometre than diesel. Our partnership with SWITCH Mobility has been central to proving that, and it gives us the confidence to scale sustainable intercity mobility across Maharashtra.”

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European commercial vehicle major Scania has inaugurated its research and development proving ground in Södertälje, representing an investment of SEK 975 million. The 85-hectare site includes 13 kilometres of paved road and 4 kilometres of gravel road to support testing across electrification, autonomous driving, safety systems and vehicle dynamics.

The facility incorporates three irrigated braking tracks constructed from asphalt, concrete and basalt tiles, enabling testing across varied friction surfaces and cornering conditions. The site also features specialised environments for evaluating driver assistance technology, including automatic emergency braking, lane support and blind-spot warning systems, alongside scenarios for autonomous vehicle development. The construction project integrated environmental measures, including ECO asphalt and renewable HVO100 fuel for logistics, avoiding approximately 30,900 tonnes of carbon dioxide equivalent emissions.

Christian Levin, President and CEO, TRATON GROUP and Scania, said, "The transformation of transport requires us to continuously strengthen the way we develop and validate new technologies. This investment is about building the capabilities we need for the future while ensuring that the solutions we bring to our customers have the safety, quality and performance they expect."

Sara Forsberg, CTO and Head of Brand Identity Development at Scania, said, "New technology only creates value when it performs in the real world. The R&D proving ground gives our engineers greater possibilities to test, learn and validate solutions under demanding conditions. It strengthens our ability to turn innovation into solutions that deliver real value for our customers."

Niklas Klingenberg, Head of Group R&D, TRATON GROUP, said, "Advanced testing and validation capabilities become increasingly necessary as we develop the next generation of transport solutions. The R&D Proving Ground is an important addition to our landscape and strengthens our ability to turn new technologies into proven solutions."

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