EV biz: Ashok Leyland to invest $150mn-$200mn
Chennai: Truck and bus maker Ashok Leyland will invest $150-$200 million in the next few years in the electric vehicles business.
The company has already invested 100 million pounds (over $130 million) in its UK-headquartered EV subsidiary Switch Mobility which is currently developing and testing a light commercial vehicle van which will be launched in India later this year. “We have more than 2,000 orders for the electric van in India and these vehicles will be made in Indian factories. Everything sold in India will be made in India and India will also be the hub for several critical markets overseas as well as the sourcing hub for parts globally,” said Andrew Palmer executive VC & CEO, Switch Mobility.
