Ashok Leyland to invest Rs 1,200 crore in EV arm Switch Mobility: Details

Ashok Leyland’s Board of Directors has greenlit a Rs 1200 crore investment in Switch Mobility through its holding company, Optare PLC UK. The approved funds will cater to capital expenditure, research and development, and operational needs in both the UK and India. The disbursement, subject to statutory nods, will occur in one or more phases in the upcoming months.
Switch Groupof Companies, housing Ashok Leyland’s Electric Mobility initiative, particularly focused on e-Buses and e-LCVs, stands to benefit from this financial infusion.Notably,Switch India has secured substantial orders from State Transport Undertakings, boasting a fleet of over 800 buses currently operational and an additional order book of 1200 buses. Last year witnessed the launch of India’s sole Double Decker e-Bus by Switch India.
In September 2023, Switch India rolled out its advanced e-LCVs, having already secured MoUs for over 13,000 vehicles. Deliveries of these e-LCVs are slated to commence in the fourth quarter of the ongoing fiscal year.

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Anticipating growth in European markets, the company has also disclosed its plans for the 2024 launch of the new E1 12m bus tailored for the European market.
Shenu Agarwal, Managing Director & CEO of Ashok Leyland, highlighted the burgeoning Electric Vehicles market, driven by the Carbon Neutrality trend and government support.
He outlined plans to reinforce capabilities through product development and operational expansion. The expectation is that the forthcoming year will witness accelerated customer adoption, with the robust financial standing of Ashok Leyland amply supporting Switch’s initiatives.
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