ALTAS AUTO sustains growth in 2023, forecasts expansion in 2024

February 12, 2024

ALTAS AUTO, a leading manufacturer of small buses, successfully maintained its planned growth trajectory in 2023, achieving a turnover of 47 million EUR. The company’s strategic focus on high-value products, particularly electric buses, contributed to a remarkable 25% annual growth rate, with electric buses now constituting 22% of the overall production.

As ALTAS AUTO enters 2024, the company is poised for another year of active growth, projecting a 22% revenue increase to reach 58 million EUR. This marks the fourth consecutive year of robust expansion since 2020, during which ALTAS AUTO has tripled its turnover.

The company’s proactive approach to growth includes expanding its team to sustain this upward trajectory. A robust portfolio of orders, secured a year in advance, enables precise planning for sustained expansion, contingent on stability in the global supply market.

Edvardas Radzevičius, Head of ALTAS AUTO, expressed optimism about the demand for buses in Europe, citing the company’s ability to anticipate market trends. Radzevičius stated, “Unlike other means of transport, the demand for buses in Europe continues to grow rapidly, and we believe that this will continue in the future.”

ALTAS AUTO’s success is underscored by its commitment to engineering excellence, providing European customers with reliable, high-quality products, and tailored solutions. Radzevičius emphasized the significance of individualized solutions for passenger carriers in the evolving European public transport sector.

“Innovation and structural advancements in buses require increasing engineering competences. Different countries and regions have unique passenger transport standards, necessitating specific solutions. Our reputation for reliability and adaptability has positioned ALTAS AUTO as a preferred partner for European customers,” added Radzevičius.

Looking ahead, ALTAS AUTO plans to focus on developing new products, including mid-range electric city buses with a capacity of up to sixty passengers, capable of covering over 300 km in urban conditions.

The company also aims to strengthen its network of foreign partners, emphasizing education and competence-building among representatives.

ALTAS AUTO’s growth metrics, 2020-2024:

  • 2020: 17 million EUR
  • 2021: 24.4 million EUR (44% growth)
  • 2022: 37.8 million EUR (54% growth)
  • 2023: 47.2 million EUR (25% growth)
  • 2024 (forecast): 58 million EUR (22% growth)

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