Leading commercial vehicle maker Ashok Leyland will continue to invest in electric vehicles, said Gopichand P Hinduja, Co-chairman, Hinduja Group. As charging infrastructure and green fuels like hydrogen replace conventional fuels, EV adoption for these vehicle types will increase, he said, albeit adding that medium and heavy commercial vehicles may be the last segments to make the transition.
In view of this transition, Ashok Leyland is adopting creative strategies such as providing Mobility as a Service (MaaS) to offset the initial high capital cost of the acquisition of EVs for its customers, he said.
The Hinduja Group recently signed a MoU with the government of Maharashtra to invest INR 35,000 crore in 11 sectors, including infrastructure, biotech, electric vehicles, manufacturing and health. Besides, it will continue to invest in retail and consumer banking business, a release by the Hinduja Group stated.
“Several of our growth engines – for example, renewable energy and green mobility – are tied to stable consumption sectors and are resilient during such times. We have always stayed with and ahead of the curve, be it the communication revolution, the IT revolution, and now, the digital revolution. We have long-term strategies in place for various businesses,” he said.
The next growth frontier for the group is likely to be the Asia-Pacific region anchored from UAE, followed by Africa. With UAE’s new reforms and policy announcements, the makings of the new “Capital of Global Wealth” is evident, Gopichand said.
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