Switch Mobility gets INR 1200 Cr from Ashok Leyland for EVs
Ashok Leyland is a big company that makes vehicles. They have decided to give Rs 1200 cr to another company called Switch Mobility. Switch Mobility makes electric buses and vans. They will use the money to make better products and grow their business. Ashok Leyland will give the money in parts after getting permission from the authorities.
Switch Mobility is a group of two companies, one in the UK and one in India. They are part of Ashok Leyland’s plan to make more electric vehicles. They have sold many electric buses to different states in India. They have also got orders for more than 1200 buses. They made India’s first double-decker electric bus last year.
Switch India is a company that makes electric trucks and vans. In September 2023, they showed their new electric trucks and vans to the public. Many people and businesses liked them and wanted to buy them. The company agreed to sell more than 13000 electric trucks and vans to them. They will start giving them to the buyers from January 2024.
Mr Dheeraj G Hinduja, Executive Chairman, Ashok Leyland stated, “Electric Vehicles especially in buses and light trucks, have a very bright future as Governments and private customers are driving the green agenda. We are very happy with the progress made by Switch, and we will continue to invest in building its capabilities. We are confident that Switch will grow further in the European markets with the launch in 2024 of our new E1 12m bus developed specifically for the European market. Our portfolio of electric buses will cover value and premium segments meeting all price points for many global markets.”
Mr Shenu Agarwal, Managing Director & CEO, Ashok Leyland said, “The market for EVs is growing rapidly driven by the trend towards Carbon Neutrality. Government support is further helping the market to expand. We will continue to build capability in this business by investing in product development as well as in expanding operations. Both India and European markets are going to be important growth centres for EV trucks and buses. In the coming year, we are expecting our e-LCVs to drive faster customer adoption. The balance sheet of Ashok Leyland can comfortably fund the initiatives of Switch.”
Content Credit: EMobility
