Eicher-Volvo JV may plan to float new unit for EVs

VE Commercial Vehicle (VECV), a joint venture between Eicher Motors and Volvo Group, is considering carving out a separate unit to participate in the country’s growing electric vehicle segment, people aware of the company’s plan told ET.

According to the sources, VECV would be open to private equity funding.

If VECV participates in the government’s tender for 5,000 electric buses, the new entity would need funds to acquire a fleet of buses and operate them as mandated under the gross cost contract clause of the tender.