PTI – According to Hinduja, the first of the five models planned for FY24 will be an electric bus meant for the European markets. It is expected to go on sale in January. This will be followed by two new low bus platforms for India – a 9-metre and a 12-metre bus.
Switch Mobility, the electric vehicle (EV) subsidiary of the Hinduja Group, plans to launch five products this fiscal year, according to a top executive, who said group flagship Ashok Leyland could pump in INR 1,200 crore into the unit over the next 12 months in two tranches to bolster its expansion plan. The EV company is scouting for investors as it seeks to expand its presence in India and in the overseas markets.
“This year will be an important one for Switch Mobility with five new products coming,” Dheeraj Hinduja, chairman of Ashok Leyland, told ET.
According to Hinduja, the first of the five models planned for FY24 will be an electric bus meant for the European markets. It is expected to go on sale in January. This will be followed by two new low bus platforms for India – a 9-metre and a 12- metre bus.
There will also be two light commercial vehicles (electrified versions of Dost and Bada Dost-company’s light truck offerings), which are scheduled to go on sale ahead of Diwali, he told ET.
Hinduja was of the view that there’s been a change in the sentiment around EVs globally. While not many companies that raised funds for EVs have survived, Switch continues to grow strongly, he said.
In the year ended March 31, Switch delivered 400 buses in India. This includes electric double-decker buses.
Switch has been engaging with investors to fund its expansion and new product launch plans for more than a year now, but it hasn’t yielded results in the absence of a “like minded partner” and those looking at a “long-term investment,” said Hinduja.
