Mumbai-based automotive major Mahindra & Mahindra has announced a bold move to strengthen its position in the commercial vehicle (CV) market with an agreement to acquire a 58.96 percent stake in SML Isuzu (SML) at INR 650 per share, representing an investment of INR 5.55 billion.

Following the acquisition, Mahindra will also launch a mandatory open offer to acquire up to an additional 26 percent stake from public shareholders, in compliance with SEBI's Takeover Regulations.

This strategic acquisition marks a major step forward in Mahindra’s ambition to expand its footprint in the >3.5-tonne CV segment. At present, Mahindra holds a modest 3 percent market share in this space, compared to its dominant 52 percent share in the <3.5-tonne light commercial vehicle (LCV) market. With the addition of SML’s capabilities and brand strength, Mahindra expects to immediately double its market share to 6 percent, and is aiming for 10–12 percent by FY2031 and over 20 percent by FY2036.

Founded in 1983, SML Isuzu is a listed company with a all-India presence and a strong legacy in the trucks and buses segment. It holds a leading 16 percent market share in the Intermediate Light Commercial Vehicle (ILCV) buses category. For FY2024, SML reported operating revenue of INR 21.96 billion and an EBITDA of INR 1.79 billion, showcasing profitable operations, frugal manufacturing and strong engineering capabilities.

Mahindra sees the acquisition as an opportunity to unlock significant value through synergies across cost optimisation, network expansion, brand integration, manufacturing efficiency, talent pool strengthening and complementary product portfolios. Mahindra states that its Trucks and Buses Division has already made notable advances in technology, design and innovation by leveraging its broader automotive capabilities – strengths that will be further enhanced through this deal.

The transaction structure involves Mahindra acquiring the entire 43.96 percent stake held by Sumitomo Corporation, the current promoter of SML, as well as a 15 percent stake from Isuzu Motors.

Dr Anish Shah, Group CEO & MD, Mahindra Group, said: “The acquisition of SML Isuzu marks a significant milestone in Mahindra Group’s vision of delivering 5x growth in our emerging businesses. This acquisition is aligned with our capital allocation strategy for investing in high-potential growth areas that have a strong right to win and have demonstrated operational excellence.”

Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector, Mahindra & Mahindra, added, “SML brings a strong legacy, a loyal customer base and a credible product portfolio that complements Mahindra’s existing offerings in the trucks and buses segment. This acquisition is a pivotal step toward our ambition to become a full-range, formidable player in commercial vehicles by enhancing market coverage, unlocking operating leverage through platform consolidation, a unified supplier and network base, and better plant utilisation. Together, we are well-positioned to scale rapidly and drive profitable growth.”

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Daimler India Commercial Vehicles (DICV) has launched a 19.5 tonne front engine bus chassis called the BB1924. Designed specifically for India's rapidly expanding intercity passenger transport segment, the bus will suit the needs of operators seeking higher payload capacity, lower operating costs and enhanced passenger comfort. 
Entering a bus market that is valued at USD 51.09 billion and expanding at 5.36 percent CAGR through 2030, the new bus chassis will be available across BharatBenz's extensive network of 398 authorised touchpoints across India, ensuring convenient access and pan-India delivery support. 
To make acquisition seamless, BharatBenz has partnered with 15 plus leading banks and NBFCs including HDFC Bank, ICICI Bank and Bajaj Finserv, offering competitive financing with interest rates starting at 8.5 percent per annum and flexible EMI tenures up to five years. DICV's commitment regarding the bus extends well beyond the point of sale through industry-leading after-sales support with every BB1924 bus chassis backed by a comprehensive six-year or 600,000 km powertrain warranty and 24x7 roadside assistance across the country. 
The company is guaranteeing 95 percent parts availability within 24/48 hours through its robust localised supply chain, minimising downtime and ensuring operational continuity. Operators can further enhance their fleet management through predictive maintenance enabled by IoT-based telematics, while comprehensive driver and technician training programmes are conducted in regional languages ensure optimal vehicle performance. 
Commenting on the launch, Andamuthu Ponnusamy, Head of Bus Business, DICV said,
“The BB1924 represents a paradigm shift in how we think about intercity mobility. By combining advanced safety features, industry-leading localization, and a focus on total cost of ownership, BharatBenz sets a benchmark for value and reliability in intercity mobility. Our extensive field trials with leading operators across routes like Mumbai-Pune, Delhi-Jaipur, and Chennai-Bangalore have demonstrated significant reduction in total cost of ownership compared to existing solutions.

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Solis, the flagship brand of International Tractors (ITL) has launched the Solis JP 975, which it said is developed on an entirely new technology platform.

The JP 975 is the first model in the new JP series and is powered by JP Tech 4-cylinder engine, which delivers up to 10 percent higher torque, peaking at 205 Nm.

This engine is paired with India’s first 15F + 5R Epicyclic Transmission in the segment, alongside side-shift gears for smoother handling and a minimum of five optimal working speeds suitable for every major application.

The tractor’s Smart Shuttle system ensures quick, jerk-free directional changes, enhancing operator efficiency in field and loader work. A ladder-type chassis ensures stability, lower vibration and reduced noise, which is crucial for longer working hours.

Raman Mittal, Joint Managing Director, International Tractors, said, “The launch of the advanced Solis JP 975 marks a decisive step in our mission to bring next-generation tractor technologies to Indian farmers. The JP 975 is the first model in our completely new JP series, designed on a future-ready platform that integrates intelligent engineering with the evolving needs of the progressive Indian farmer. With the powerful JP Tech 4-cylinder engine and India’s first 15F+5R transmission in its class, the JP 975 sets a new benchmark in power, comfort, and application versatility. Over the next 12 months, we will be introducing a series of advanced tractors built on this platform to unlock greater efficiency and productivity for our farming community.”

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European commercial vehicle major Traton and the European Investment Bank (EIB) have signed a EUR 500 million long-term loan agreement at favourable terms to support the Traton Group's research and development for the Traton Modular System (TMS).

The TMS is a global, cross-brand modular platform designed to harmonise vehicle development and production across Traton brands like Scania and MAN. Its standardised interfaces allow for economies of scale, reduce costs and enable specific solutions for customers. The system promotes scalability, cost efficiency and flexibility while supporting innovation and sustainability.

This funding is intended to drive the transformation of Europe’s heavy-duty vehicles sector and supports the goals set out in the European Green Deal, including making transport cleaner and helping manufacturers meet carbon reduction rules.

Dr. Michael Jackstein, CFO and CHRO, Traton Group, said, “The partnership with the European Investment Bank is a major milestone in Traton Group’s financial strategy and underlines our strategic direction and innovative strength. By further diversifying our financing access, we are ensuring the financial stability and flexibility needed to drive innovation and support our customers throughout the industry’s transition to a more electrified and sustainable future.”

Nicola Beer, Vice-President, European Investment Bank, said, “Investing in sustainable mobility and cutting-edge digitalization is vital for Europe’s long-term competitiveness. By financing industry leaders like Traton, the EIB ensures that European innovation translates into real-world impact – creating high-quality jobs, reinforcing resilient supply chains and driving the continent’s leadership in the green transition. This agreement unlocks momentum for the Group to drive industry transformation, marking a decisive move in the shift to scalable, digital, and electrified mobility solutions for Europe and beyond. Together, EIB and Traton are charting a course towards more sustainable, digitally integrated transport ecosystems – reinforcing Europe’s industrial leadership for generations to come.”

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Force Motors, India's largest van maker, reported a strong 59 percent YoY growth in domestic wholesale for November 2025, as compared to last year.

The company attributed the surge in sales to the rapid scaling of the Urbania and Trax platforms, both of which now contribute a higher share to overall volumes. Trax, in particular, has benefited from the recent GST rationalisation on rural mobility categories, which has improved affordability and accelerated replacement demand across rural and semi-urban markets.

Traveller, the company’s people-mobility platform, continues to anchor volumes with consistency and year-to-date growth, while the Monobus recorded sustained traction through increased institutional and state transport requirements.

For April to November 2025, Force Motors registered a 23 percent year-to-date growth, driven by adoption of new-generation platforms and improved demand across core customer segments.

Prasan Firodia, Managing Director, Force Motors, said, “We are pleased with the sustainable growth in our domestic sales, which reflects the strong customer confidence in our range of reliable and robust vehicles. While domestic wholesales grew by 59 percent in November 2025, overall volumes were moderated by expected fluctuations in export dispatches, which typically vary based on shipment cycles across international markets. Despite this, total wholesales still registered a strong 53 percent YoY increase, underscoring the company’s resilient growth trajectory”.

The company continues to see rising demand across key sectors including rural transportation, staff carriers and goods movement. Force Motors remains committed to innovation and customer satisfaction, ensuring performance and low total cost of ownership.

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