We anticipate a peak in market volume in 2023-24
Tell us about the companys participation at Excon?
Excon has always been a significant platform for us, and Volvo has been part of it since its inception in 2000. We consider Excon as an opportunity to showcase new concepts and solutions. For Excon 2023, our focus is on making stakeholders understand the potential of electric machines and their role in sustainable development. We are showcasing various electric products, including large excavators for mining and battery electric machines like compactors, rollers, wheel loaders, and mini excavators.
You mentioned electric machines; do you have plans to launch hydrogen-powered machines as well?
While we are actively working on hydrogen technology, both in IC engine and fuel cell versions, it is still under development. We anticipate the technology will mature in the next three to four years. Currently, our emphasis is on showcasing battery electric machines and grid-connected machines as they are closer to market readiness.
Beyond electric and battery technologies, how are you incorporating sustainability aspects in your machines?
Sustainability, for us, extends beyond the machines themselves. We collaborate with suppliers to reduce their environmental impact. Our factory in Bengaluru operates fully on solar power, contributing to a 77 per cent carbon-neutral status. We believe in a holistic approach, ensuring the entire value chain is geared towards eliminating carbon.
Looking ahead to 2024, how do you foresee the market performance, especially with upcoming elections?
We anticipate a strong market performance in 2023, with a peak in market volume in 2023-24. While elections may lead to a temporary slowdown of 10 to 15 per cent, we expect the industry to bounce back post-election. Quarter four of next year could compensate for the pre-election drop, and overall, we remain optimistic about the market's potential.
Are there any plans for investments or capacity expansion in the near future?
We have recently invested in capacity to assemble our SDLG range of loaders in our factory, starting in January. Incremental investments will continue to increase capacity, and future investments are planned to support our growth.
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