Ashok Leyland earmarks Rs. 100 crore for EV technology

In line with government’s aim to sell only electric vehicle by 2030 many automobile companies are investing in EV technologies.

Ashok Leyland a part of Hinduja group is looking to invest around Rs. 100 crore in the electric vehicle (EV) technology over the next two-three years. Further, it is also preparing to showcase the prototype of its first EV product at the ongoing Auto Expo 2018. The company commands around 38 per cent market share in Q3FY18.

The company also concentrates in swap technology (swap station where fully-charged battery replace a depleted one) for this Ashok Leyland has tied-up with Sun Mobility.

Besides, State Transport Corporations are planning to issue tenders for 50 to 100 buses in various tranches and the company eyes to bid for some of these tenders. On the other hand, it would also focus on private and school buses.

In the recently concluded quarter, Ashok Leyland reported revenue of Rs. 7,113.16 crore as against Rs. 4430.9 crore in corresponding quarter of last year. Further, its net profit jumped almost 142 per cent yoy to Rs. 449.71 crore.