Leading commercial vehicle maker Ashok Leyland (AL) will be making an investment of Rs 1,200 crore in its electric vehicle (EV) arm Switch Mobility- through its holding company Optare PLC UK. The decision to infuse own funds come after the Chennai-based automaker was eyeing to attract external investors in Switch.

The funds, to be infused over the next few months, will be used for capital expenditure, R&D and meeting operational requirements both in UK and India. The company believes Rs 1,200 is enough to meet development needs for the coming few years. As of date, Switch in India and the UK has over 800 + buses plying successfully and has an order book of over 1200 buses.

Switch India had a successful launch of India’s only Double Decker e-Bus last year. In September 2023, Switch India launched its electric light commercial vehicles (e-LCVs). It has signed MOUs of over 13,000 vehicles for its much-awaited e-LCVs. Dheeraj G Hinduja, executive Chairman, Ashok Leyland stated,

“We are confident that Switch will grow further in the European markets with the launch in 2024 of our new E1 12m bus developed specifically for the European market. Our portfolio of electric buses will cover value and premium segments meeting all price points for many global markets.” Ashok Leyland on Thursday reported a 181% YoY surge in consolidated net profit at Rs 561 crore for second quarter of FY24. Revenue from operations rose 16.6% to Rs 9,638 crore.