Ashok Leyland to launch first electric light commercial vehicle in India
Ashok Leyland Indian major multinational automotive manufacturer has lined up its electric vehicles road map. The company with the UK-based Switch Mobility, a subsidiary of the company, acquired the entire shareholding in Switch Mobility Automotive Ltd, India on June 14, 2021, will be launching its first electric light commercial vehicle (e-LCV) in India by the end of December.
The company targets to become one of the world’s top 10 CV brands. It has secured 2,000 orders and these vehicles will be manufactured in India and sold under the Switch brand. It plans to invest $150-200 million in the EV space in the next few years.
It has invested around $136 million in Switch Mobility and expects the new entity to raise its own capital in the future. “Investors and strategic partners keen to tie up. We do not see any immediate fund requirement from Ashok Leyland,” said Dheeraj Hinduja, chairman, Ashok Leyland and Switch Mobility.
The chairman already said that the company will focus on buses and light vehicles in the EV space and will not venture into electric cars.
Switch Mobility has already signed customer agreements and letters with the leading logistics and e-commerce operators.
Vipin Sondhi, managing director and CEO of Ashok Leyland, said, “These new initiatives give us the ability to drive the sustainability agenda which Ashok Leyland is passionate about. Switch Mobility, with its strength in net-zero carbon technologies, combined with Ashok Leyland’s expertise in the mobility space, will lead this change and enable us to fulfil our aspirations of net-zero carbon mobility.”
The company plans to leverage the growth opportunities in the global LCV & bus EV market which will grow more than 25% and will be worth $50 billion by 2030.
Ashok Leyland subsidiary & Siemens partners to provide EVs in India
Ashok Leyland subsidiary Hinduja group’s Switch Mobility Automotive Limited has signed a Memorandum of Understanding (MOU) with Siemens Limited to provide electric mobility solutions in India. This partnership will look for the needs of commercial electric vehicle customers and create EMobility Projects in India.
The collaboration between the two companies will bring a new business model such as e-mobility as a service, vehicle to grid (V2G) and integrated depot energy management. Hinduja group’s Switch Mobility Automotive Limited will bring in its electric commercial vehicles into India. Siemens will provide charging infrastructure and management software solutions.
“With our experience of more than 230 electric vehicles already in operation successfully in India and the UK, we see immense growth opportunities for Switch’s expansion in India, Europe and many global markets,” said Dheeraj Hinduja, Chairman, Switch Mobility.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited said, “Siemens is a global leader in e-mobility solutions for commercial vehicles. We have been implementing projects for electric commercial vehicles across the globe. Together with Switch Mobility, we intend to implement high-quality techno-commercial solutions to address the needs of the growing e-mobility market in India.”
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