Recording a 353 percent increase in the revenue for the first quarter of FY2021-22 at INR 29,510 million in comparison to the revenue generation of INR 6,510 million in the corresponding quarter of FY2020-21, Ashok Leyland is confident of a strong demand emerging post the second Covid-19 wave. Clocking export volumes of 1,437 units in the first quarter of FY2021-22, up 254 percent when compared to the export of 405 units in the first quarter of FY2020-21, the commercial vehicle manufacturer is concentrating on vaccination and the adherence of safety protocols to try and ensure that all its stakeholders stay protected from a potential third wave. Experiencing a 1,041 percent growth in domestic M&HCV volume in the first quarter of FY2021-22, which is almost twice than that of the industry growth volume at 562 percent during the same period, the company has reported a net loss of INR 28,20 million in the first quarter of FY2021-22 as against a net loss of INR 38.90 million in the corresponding quarter of FY2020-21. Selling 8,690 LCVs in the domestic market in the first quarter of FY2021-22, up 224 percent as compared to the sale of 2,686 LCVs in the corresponding quarter last fiscal, Ashok Leyland is closely observing the way the freight rates are shaping up. It is confident that freight rates will improve with higher availability of commercial vehicles once the Covid-19 subsidies and uncertainty fades. “We are hoping for the volumes to grow higher as the market gets better,” mentioned Mahadevan. “July (2021) has been a growth month,” he added. Stressing that they have had eight months of degrowth, Mahadevan said, “Economic growth will induce growth in CVs.”

CV trends
Working on a strategy for a robust domestic and exports growth, the commercial vehicle major is appointing dealers in Africa. Looking at gaining good traction in South East Asia, Ashok Leyland will launch new products in the LCV segment even though not in the immediate quarter. Buoyed by the international markets opening up and experiencing export thrust, the company is said to be testing an electric version of its LCV platform on which the Bada Dost is based in the UK. This vehicle is expected to be launched at the end of this fiscal or in the first half of the next fiscal. Of the opinion that electric vehicles are catching up, especially at the local point of use, on the encouragement of the governments, Mahadevan averred, “It is more to do with buses, but trucks will catch up.” Seeing a trend of petrol commercial vehicles in the low-tonnage segment of sub-1 tonne to 1.5 tonne, Mahadevan drew attention to the push on CNG. “We are ready in the LCV and ICV (segment),” he added. Of the firm belief that diesel vehicles will continue and the IC engine will coexist and not die overnight, Mahadevan said, “We are ready to cater to higher demand.” 
 

Watching closely how freight operators are able to pass on the fuel price hike to their end customers, Ashok Leyland is hoping that bus commute will pick up. A 40,000 units per annum market, according to Mahadevan, buses have been severely affected due to the Covid-19-led disruption. Delivering 40 electric buses to the city of Chandigarh recently (from where it has bagged an order to build and maintain e-buses with quick charging technology), Ashok Leyland is expecting pent-up demand to show up once normalcy returns. Also expecting demand to show up because of the need to ferry people without sacrificing social distancing norms, Mahadevan drew attention to their work towards further strengthening their position in the bus and LCV market segments. With the talk of schools reopening in regions where the Covid-19 infections are down, and the relaxation in Covid-19 norms in some region allowing more employees to return to their offices, bus demand is expected to improve post witnessing a sudden downfall mid-last year. Through the establishment of Switch Mobility, Ashok Leyland is keen to experience a speedier ride in the ‘cleaner and greener’ bus space. 
 

Managing costs and productivity 
Eyeing international markets like the US, Europe and Japan, the company, through the Switch Mobility subsidiary, has worked with a few consultants to make sure that its data points and numbers are on par with the current situation. Under Switch Mobility, it is developing new products to present an advantage of unique position in terms of value and premium positioning. For its Switch Mobility subsidiary that includes the erstwhile Optare of UK, Ashok Leyland has managed to get USD 18 million worth of investment from Dana Incorporated (Dana), a US-based manufacturer of drivetrain and e-propulsion systems. To do de-bottlenecking once enough demand is evident, Ashok Leyland, investing sufficiently in terms of capex, is confident of seeing early growth sprouts in LCVs. Therefore, if it were to do immediate capex investment, it would be in LCVs. Discussing with scrappage centres post the announcement of the scrappage policy, Ashok Leyland, the second-largest CV maker in the country, is witnessing good traction from its other business verticals like defence, power solutions and aftermarket. They are contributing to its top line. 
 

With the pace of vaccination picking up and positively setting in, Ashok Leyland is expecting a demand spike in commercial vehicles after the fear of a third Covid-19 wave is over. This, according to Mahadevan, could happen in the second half of this fiscal. Focusing on costs, productivity and middle level management, the commercial vehicle major is also concentrating on reducing its carbon footprint. Apart from announcing strategic steps to move towards net zero carbon mobility through Switch Mobility, Ashok Leyland, said Mahadevan, has formed an ESG committee of the Board. The committee will guide and propel the commercial vehicle manufacturer to achieve its sustainability agenda.
 

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Following the inauguration of the Kharkhoda vehicle manufacturing facility, Toshihiro Suzuki, President of Suzuki Motor Corporation, and Hisashi Takeuchi, Managing Director and CEO of Maruti Suzuki India, visited the Japan-India Institute for Manufacturing (JIM) in Manesar and the Institute of Driving and Traffic Research (IDTR) in Bahadurgarh.

At the JIM in Manesar, the leadership team observed the training programmes that focus on technical expertise, manufacturing practices, and safety. Later, they visited the IDTR in Bahadurgarh to review the driving training provided at the facility.

Toshihiro Suzuki, said, “It was the greatest possible honour for Suzuki in India when both the Hon’ble Prime Ministers of India and Japan inaugurated our Kharkhoda plant yesterday. This places even more responsibility on us to recommit and rededicate ourselves to Viksit Bharat. The foundation of this is human development. I immediately decided to visit today our institutes for road safety – IDTR in Bahadurgarh – and for skill development – JIM in Manesar.”

At present, Maruti Suzuki India manages four JIM locations in Mehsana, Gandhinagar, Manesar, and Sonipat. These institutes provide vocational training accredited by the National Council for Vocational Training and the Ministry of Economy, Trade and Industry, Japan. The training follows a system that combines classroom instruction with industry exposure.

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European automotive Group Stellantis recently hosted 300 suppliers in Paris to discuss its faSTLAne 2030 strategy. The convention included supplier partners, regional leadership and global purchasing executives, focusing on collaboration and execution for the European market.

The event outlined the company’s vision for growth and product renewal. Leaders stressed that achieving these goals requires accountability across the value chain.

Emanuele Cappellano, COO for Enlarged Europe & European Brands and Head of Stellantis Pro One, said, "Europe is entering a pivotal period as we execute our long-term strategy and bring an exciting wave of products and technologies to market. Success depends on our ability to execute together. Our suppliers are essential partners in that journey, helping us deliver the quality, innovation, and competitiveness our customers expect. By working as one team, we can strengthen our performance and position Stellantis for long-term success in Europe."

A recurring theme was the necessity of collaboration and communication between Stellantis and its supply base to support product launches and operations.

Monica Genovese, Chief Purchasing Officer, Stellantis, said, "Creating value starts with strong partnerships. Our suppliers are critical contributors to every vehicle, every launch, and every customer experience. We are committed to being a Customer of Choice by strengthening engagement, listening to feedback, and working together to solve challenges. The path to achieving our objectives is built on trust, accountability, and a shared commitment to execution."

Quality was identified as a core component of the business strategy, with leaders noting that suppliers influence the customer experience from production to long-term reliability.

Stephane Dubs, Senior Vice-President, Purchasing, Enlarged Europe, Stellantis, said, "Quality is a shared commitment across our entire ecosystem; it is not the responsibility of only one team or one organisation. Every decision we make impacts the customer experience. Together with our suppliers, we must continue to raise the bar on cost competitiveness, quality, responsiveness and execution to strengthen customer loyalty and ensure the success of our brands."

The convention offered suppliers direct access to the company’s purchasing teams to align on future priorities.

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Cars24, one of the leading vehicle buying and selling marketplaces, has removed its traditional levels, grades and job titles, replacing them with a structure called ‘Flatland’. Under this model, all employees share the title of ‘Builder’, shifting the focus from organisational rank to the problems they own and the outcomes they produce.

The company stated that this change is a response to the impact of AI on organisational structure. By removing hierarchy, Cars24 aims to improve decision-making and coordination.

Vikram Chopra, Builder at Cars24, said, “Hierarchy was one of humanity's greatest inventions. It helped organisations scale when information was scarce. AI fundamentally changes that equation. Today, intelligence and context are increasingly available to everyone. The role of an organisation is no longer to move decisions up and down layers. It's to help exceptional people solve exceptional problems together. Flatland is our attempt to build an organisation for that reality.”

Under Flatland, leadership is defined by execution and customer impact rather than position. Policies regarding benefits and assets are no longer linked to rank but to role requirements and universal benefits.

The company reports that it has tested this model over the past 18 months, resulting in a 50 percent YoY increase in revenue per employee in the second half of FY2026 and a contribution of nearly 300 basis points to EBITDA. Cars24 currently operates in India, the UAE and Australia, and reports reaching global profitability this year.

“We don't believe removing titles automatically creates a great culture. Culture comes from behaviour. Flatland simply removes the shortcuts that let people mistake position for contribution. We want the person closest to the problem to feel empowered to solve it regardless of where they joined or how long they've been here,” concluded Chopra.

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Germany-headquartered world’s largest chemical producer BASF has completed the transaction with Carlyle involving its coatings business, which now operates as Surventis.

The deal, which reached an enterprise value of EUR 7.7 billion, concluded on 30 June 2026 following regulatory approval with BASF receiving pre-tax cash proceeds of approximately EUR 5.8 billion.

Under the terms of the agreement, BASF retains a 40 percent equity stake in Surventis, which includes the automotive OEM coatings, automotive refinish coatings and surface treatment operations. This transaction, combined with the divestiture of the decorative paints business in 2025, values the former Coatings division at EUR 8.7 billion.

Dr. Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE, said, “This successful closing marks a key milestone in the execution of our Winning Ways strategy aimed at unlocking the value of our standalone businesses. By holding a 40 percent equity stake, we will continue to participate in the future value creation of the coatings business while sharpening BASF’s strategic focus.”

Anup Kothari, Member of the Board of Executive Directors, BASF SE, added, “We are convinced that the new ownership structure provides an excellent foundation for future profitable growth of Surventis. We wish the former BASF Coatings employees every success as they move forward into their future as an independent company.”

BASF has accounted for the coatings business as discontinued operations since September 2025. From July 2026, the 40 percent stake in Surventis will be treated as a financial investment accounted for using the equity method.

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