Switch plans to make LCVS of 2-tonne and 4-7.5 tonne GVW
The Hindu
Switch Mobility, arm of Ashok Leyland, plans to produce electric Light Commercial Vehicles (LCVs) in next 5 years. Range of GVWs from 2-7.5 tonnes. Roll out 2 new vehicles/yr; low floor e-buses and E1 for Europe. Market share grew from 3-20% in 2 yrs; 45% CAGR in 5 years.
Switch Mobility, the electric vehicle arm of Ashok Leyland, is planning to produce electric Light Commercial Vehicles (LCVs) with Gross Vehicle Weight (GVW) under two tonnes and above 4-7.5 tonnes within the next five years, said its CEO Mahesh Babu.
“We have started with 2.5 tonnes GVW and can go up to 7.5 tonnes GVW. This is the category, where there is a huge demand. We will also start producing EV in sub-two tonnes category. Currently, we are working on the business case,” he said in an interview.
While Switch will manufacture e- buses and e-SCVs, Ashok Leyland will continue make diesel engine vehicles such as buses and LCVs and M&HCVs.
Mr. Babu also said that Switch would be rolling out two new vehicles every year for the next five years. On the anvil are the roll out of low floor e-buses and E1 for the European market.
Asserting that their market share has grown from 3% to 20% in the last two years, he said by the end of fifth year, Switch would have a compound annual growth rate of 45% of all vehicles put together.
Asked about the funding pattern, he said it would be met through internal accruals and borrowings as well. The parent company has committed to support it for a year by investing ₹1,200 crore and it would be sufficient for the next two years.
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