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With an intent to fortify its commercial operations in one of Asia’s most competitive truck markets, Daimler India Commercial Vehicles’ (DICV) has appointed Rajiv Chaturvedi as its new President and Chief Business Officer. The announcement was made by Chaturvedi via social media, marking a pivotal leadership transition at the Indian arm of Daimler Truck AG.
Chaturvedi steps into the role following the tenure of Sreeram Venkateswaran, who served as the CBO from August 2023 to March 2025. Venkateswaran, a respected veteran of the commercial vehicle (CV) sector, played a formative role in shaping DICV’s India strategy. His contributions included building the foundational go-to-market blueprint for BharatBenz, Daimler’s dedicated Indian truck brand, under the stewardship of former DICV CEO Marc Llistosella. Before his latest stint at DICV, Venkateswaran was part of the leadership at logistics startup Rivigo, bringing startup agility to the legacy truck maker’s Indian operations.
Chaturvedi’s appointment comes at a crucial time when the CV landscape in India undergoes rapid transformation, spurred by shifting logistics patterns and intensifying market competition. He brings with him a track record of strategic growth and operational scaling. At Hyundai Construction Equipment India, where he served for five years, he oversaw sales, after-sales, and parts distribution. Under his leadership, the company reportedly achieved over 20% annual revenue growth between 2022 and 2024, alongside a 200% surge in operating profit. His earlier stints include nearly six years at Tata Hitachi Construction Machinery, in addition to a couple of years as Executive Assistant to the Managing Director.
Daimler India Commercial Vehicles, a wholly-owned subsidiary of Germany’s Daimler Truck AG is best known for its BharatBenz brand tailored for Indian roads. DICV also manufactures and exports vehicles under the FUSO, Mercedes-Benz, and Freightliner marques to more than 60 global markets. The company operates a 400-acre integrated facility in Oragadam, Chennai, which houses its production, R&D, and testing capabilities. With an investment of over Rs 9,500 crore and a workforce of 4,000, the company is looking to play as a key node in Daimler’s global supply and manufacturing chain.
Chaturvedi’s appointment follows another high-profile addition to DICV’s top deck: Michael Moebius was named President and Chief Procurement & Supply Chain Officer in November 2024. Moebius previously helmed quality management at Daimler Truck Asia in Japan, overseeing standards across multiple brands and geographies.
DICV achieved a net profit of Rs 1,787 crore (around $212 million) in FY24, marking a strong financial performance. This growth was fueled by a notable upswing in overall sales volume, especially in the bus segment, along with the added benefit of a significant tax credit. The company disclosed these figures in its annual filings with the Registrar of Companies (RoC), according to a report by Autocar Professional published in November last year.
This marks the second consecutive year of profitability, helping reduce its accumulated losses to Rs 5,807 crore in FY24, down from Rs 7,594 crore in the prior fiscal year. Notably, prior years’ accumulated losses have facilitated a reduced tax burden, further bolstering net profit.
In 2024, DICV launched 14 new products across three market segments, anticipating that the light-to-heavy-duty vehicle market would outperform a forecasted flat market due to geopolitical challenges and the national election earlier in the year. The company highlighted that its record-breaking sales and financial growth since its inception were driven by strong demand for its tipper and tractor-trailer models, which grew by 53% and 79%, respectively, compared to 2022.
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