Ashok Leyland Channels Rs 662 Crore into EV Wing

Ashok Leyland, based in Chennai, had previously agreed to infuse Rs 1,200 crore of equity into its electric vehicle subsidiary, Optare. During the quarter ending December 2023 (Q3 FY24), the company made a substantial investment of Rs 662 crore.

The company’s management has indicated that the remaining funds will be invested in one or more stages over the next few months, demonstrating the company’s commitment to further supporting Optare’s growth and expansion plans.

Shenu Agarwal, MD & CEO of Ashok Leyland, stated, “Out of that Rs 1,200 crore, we have already invested Rs 662 crore during the quarter gone by, and the rest of the amount we will induct in the future in the next few months in either one or more tranches”.

Autocar Professional sent an email to find out which areas of operations these investments have been made in, but the company had yet to respond by the time of publication. The report will be updated if and when the company provides any information on this matter.

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According to the company’s most recent investor presentation, while Switch EiV22 and Switch EiV12-Standard are already operating on the roads of Mumbai, Hyderabad, and other cities, the company has planned new products for the Indian market.

One of the future products includes the Switch EiV 12- Ultra Low Entry, which is designed for metro cities, and the other is the Switch EiV7, a concept vehicle designed for urban commuting that was unveiled at the Auto Expo 2023.

For the UK market, the company already offers the Switch Metrocity and Switch Metrodecker. In the future, the company plans to launch the Switch e1 LHD for the European market, which was first unveiled at the European Mobility Expo in Paris in 2022.