Eicher Motors (EML) and the Volvo Group have announced their intent to form a new 50:50 joint venture to provide financing, leasing and other financial services in India.

The partnership will be established through EML acquiring a 50 percent stake in Volvo Financial Services (VFS) India. Eicher Motors' board has approved an investment of up to INR 7.5 billion to subscribe to the equity stake. The exact investment amount will be finalised upon the closing of the transaction, which is subject to regulatory approvals.

The new joint venture will serve as the captive financing arm for products from Volvo Eicher Commercial Vehicles (VECV), Eicher Motors, Volvo Group and Royal Enfield. By combining VFS’s global financial services expertise with Eicher’s local market knowledge, extensive dealer network and product portfolio, the venture aims to offer more accessible and streamlined financing solutions to customers.

Siddhartha Lal, Chairman, Eicher Motors, said, "Expanding our highly successful 18-year partnership with Volvo Group, Eicher is now entering the vehicle financing business in India through a new joint-venture. This JV combines Volvo’s global financial services expertise and Eicher’s local knowledge and network. The JV will serve Eicher, Volvo, and Royal Enfield customers in India and presents an opportunity for EML to operate in an important segment of the value chain, using financing as a lever for a superior customer experience."

Marcio Pedroso, President, Volvo Financial Services, added, "We believe now is the time to sharpen our focus on the Eicher brand as well, with our intended partnership serving as a springboard for bringing innovative financial services and solutions to both current and new customers and dealers, positioning us well to create long-term value in the growing Indian market."

This joint venture builds upon the long-standing collaboration between Eicher Motors and Volvo Group, which has successfully operated Volvo Eicher Commercial Vehicles (VECV) for the past 18 years. VFS India has been operational in the market for over a decade and reported assets under management (AUM) of approximately INR 18.25 billion as of 31 March 2026.

Comments (0)

ADD COMMENT

Link Copied!

MANN+HUMMEL has inaugurated its new Global Technology & Innovation Center in Tumkur, Karnataka. This facility serves as the company's largest development hub outside of Germany and is designed to accelerate global product development for mobility, industrial and purification applications.

The centre integrates research laboratories, testing infrastructure, digital engineering and data analytics. The company intends for this site to function as an innovation engine, leveraging India's engineering talent to shorten development timelines.

Additionally, MANN+HUMMEL announced plans for a new manufacturing facility in Pune. The company expects total investments across these initiatives to exceed INR 1 billion. Currently, the company employs approximately 1,250 people in India, with plans to add 300 to 400 more positions over the next year.

With existing operations in Tumkur and Bawal, and the upcoming site in Pune, the company is establishing a manufacturing footprint across Southern, Northern, and Western India to improve proximity to customers. Interestingly, India currently hosts over one-third of the company’s global R&D workforce.

Hasmeet Kaur, President of the Transportation Division, MANN+HUMMEL Group, said, “The new Global Technology & Innovation Center in India marks a significant milestone in MANN+HUMMEL’s global innovation journey. India stands at the forefront of engineering talent and technological advancement, making it a natural choice for our largest development hub outside Germany. This centre will not only accelerate our innovation capabilities but also enable us to deliver scalable, sustainable filtration solutions to customers worldwide.”

Sudeesh Karimbingal, Managing Director, MANN+HUMMEL India, added, “The new facility in Tumkur is a testament to India’s growing role as a strategic growth and engineering powerhouse for MANN+HUMMEL globally. For over 20 years, our Indian engineering team has been deeply embedded in our global product development. This centre transitions India from a support hub to a strategic engineering powerhouse, driving innovation that meets both local and global market needs.”

The Tumkur facility will prioritise – energy-efficient filtration systems, reduction of lifecycle emissions and circular economy solutions, including the use of recycled materials.

Comments (0)

ADD COMMENT

Link Copied!

European auto major Stellantis and British luxury brand Jaguar Land Rover (JLR) have signed a non-binding Memorandum of Understanding (MoU) to explore collaborative opportunities in the United States.

The partnership intends to create synergies in product and technology development by utilising the complementary strengths of both organisations.

The companies aim to leverage this collaboration to create value and support their long-term growth objectives within the US market.

Antonio Filosa, Chief Executive Officer, Stellantis, said, “By working with partners to explore synergies in areas such as product and technology development, we can create meaningful benefits for both sides while remaining focused on delivering the products and experiences our customers love.”

PB Balaji, Chief Executive Officer, Jaguar Land Rover, added, “As we continue to evolve JLR for the future, collaboration will play an important role in unlocking new opportunities. Working with Stellantis allows us to explore complementary capabilities in product and technology development that support our long‑term growth plans for the US market.”

Any potential transactions resulting from these discussions remain subject to standard closing conditions, including the execution of definitive agreements.

Stellantis, Dongfeng Group Ink MoU For Europe-Based Joint Venture

Comments (0)

ADD COMMENT

Link Copied!

South Korean auto major Hyundai Motor Group has received recognition at the 2026 Red Dot Award: Product Design for both its mobile robot platform and its new employee ID card case. The Red Dot Award is a competition honouring designs across product, brand and concept categories.

The Robotics LAB’s MobED (Mobile Eccentric Droid) platform was named a winner for its integration of engineering and design. MobED follows the ‘Refined Edge’ philosophy, intended to help robots integrate into human environments. The platform features Drive and Lift (DnL) technology and an eccentric wheel mechanism to maintain stability on uneven surfaces and inclines. It is designed for use in logistics, delivery, and inspection.

Minwoo Park, President and Head of AVP Division of Hyundai Motor Group, said: “The question was never whether the technology works, but whether it works for people — in the real world, at scale. With MobED’s Red Dot recognition, we have demonstrated exactly that. This is Physical AI in practice, and we will continue to push the boundaries of what it can achieve.”

On the other hand, Hyundai Motor Company also received a Red Dot Award for its new employee ID card case. This item is designed for versatility and personal expression, featuring MagSafe capability for magnetic attachment and a modular reel holder. The design allows the detachment of the neck strap so the case can be affixed to smartphones or paired with other accessories.

The case is available in white and clear blue and features replaceable modules to help prevent damage and reduce the need for full replacements. This design also received the iF Design Award. The product is sold through the Hyundai Collection, the official merchandise store of the company.

Comments (0)

ADD COMMENT

Link Copied!

Roppen Transportation Services (Rapido) has signed a Memorandum of Understanding (MoU) with the Maharashtra Information Technology Corporation (MahaIT), the nodal agency for digital governance in Maharashtra. The partnership aims to support citizen awareness, digital inclusion and mobility ecosystems within the state.

The collaboration will utilise Rapido’s technology and network to assist the adoption of digital governance initiatives such as Aaple Sarkar, MahaID and MahaSaarthi.

Subhash Shelake, spokesperson for MahaIT, said, “We are pleased to collaborate with Rapido to explore how technology platforms and large on-ground mobility networks can support Maharashtra’s larger digital governance and citizen outreach objectives. An important aspect of the MoU includes digitally verifiable onboarding and background verification process including, integration with MahaID, for Rapido Captains to ensure trust, transparency and passenger safety in the state. We also see strong potential in enabling Rapido Captains to act as grassroots digital information ambassadors helping drive greater awareness and adoption of public digital services among citizens across Maharashtra.”

Pavan Guntupalli, Co-Founder, Rapido, said, “At Rapido, we have always believed that mobility platforms can play a larger role in enabling trust, safety and citizen awareness at scale. Through this collaboration with MahaIT, we aim to leverage our digital ecosystem and extensive captain network to support public digital initiatives while continuing to strengthen safer and more trusted mobility experiences for citizens across Maharashtra.”

Under the framework, Rapido will share government-approved awareness messaging via its in-app communication channels to improve reach for public digital services. Additionally, the organisations plan to explore a MAHA-Rapido Fellowship Programme to focus on digital inclusion and capacity-building in Tier 3 and Tier 4 markets in the state.

Comments (0)

ADD COMMENT

Link Copied!