Ashok Leyland Likely to Set Up Separate Plant for EVs With Rs 500-Crore Investment – EQ Mag Pro
Bullish on the future of green mobility, the Hinduja Group flagship Ashok Leyland plans to set up a new manufacturing facility in the country to roll out electric vehicles, according to a top company official. The Chennai-based firm has also lined up a Rs 500 crore investment to develop powertrains based on alternative fuels like CNG, hydrogen and electric for its commercial vehicles range.
The company has already announced a USD 200 million (nearly Rs 1,500 crore) investment through its UK-based arm Switch Mobility for electric mobility. The commercial vehicle company aims to expand its electric vehicle portfolio as well as develop new engines keeping in mind the changing market requirements in the domestic as well as international markets. “In Spain, we are coming up with a manufacturing facility and R&D centre and there are plans to grow this over the next few years.
In India, we will be optimising the facilities that are available with Ashok Leyland. “But I’m sure very soon we will require an independent facility as well. And that is something that is being looked at by the management team,” Ashok Leyland Executive Chairman Dheeraj Hinduja told.
Ashok Leyland is eyeing a strong comeback this year as it looks to consolidate its position in the intermediate commercial vehicle (ICV) segment, reap benefits of enhanced demand for its modular AVTR range and bolster exports to new destinations across the globe, as per a top company official.
The Hinduja flagship is also betting on the overall improvement in the economic situation and gradual easing of supply chain issues to cross 30 per cent of the overall market share in the commercial vehicle (CV) segment in 2022-23. Having endured a few very tough quarters, the commercial vehicle major’s overall market share hovers around 24-25 per cent. In an interaction with PTI, Ashok Leyland Executive Chairman Dheeraj Hinduja noted that the company is making efforts to increase its presence in the ICV range.
Source: PTI
