Ashok Leyland's Board of Directors has green lit a substantial investment of INR 1200 crore in Switch Mobility. The infusion, to be executed through its holding company Optare PLC in the UK, aims to fuel the expansion of Switch's product portfolio, research and development initiatives, and operational capabilities both in the United Kingdom and India.
Switch Mobility, encompassing Switch Mobility Ltd in the UK and Switch Mobility Automotive Ltd in India, stands at the forefront of Ashok Leyland's foray into electric commercial vehicles, particularly e-buses and e-LCVs. With a notable track record, Switch India has secured significant orders from State Transport Undertakings, boasting a fleet of over 800 buses and an order book exceeding 1200 buses. Notably, Switch India unveiled India's sole Double Decker e-Bus last year and, in September 2023, introduced cutting-edge e-LCVs.
Dheeraj G Hinduja, Executive Chairman of Ashok Leyland, expressed optimism about the prospects of electric vehicles, emphasizing the promising trajectory of the green agenda. Hinduja affirmed ongoing investments in enhancing Switch's capabilities and predicted further growth in European markets, heralded by the anticipated launch of the E1 12m bus tailored specifically for the European market in 2024.
Shenu Agarwal, Managing Director & CEO of Ashok Leyland, underlined the rapid growth of the electric vehicle market driven by the global shift toward carbon neutrality. Agarwal affirmed the company's commitment to building expertise through sustained investments in product development and expanded operations. With a robust balance sheet, Ashok Leyland is poised to comfortably support Switch's initiatives, projecting accelerated customer adoption of e-LCVs in the imminent future. The CEO highlighted India and Europe as pivotal growth centres for electric trucks and buses, aligning with the evolving landscape of sustainable transport.
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