The leftover sum will be disbursed in the coming months.
The Chennai-based automotive manufacturer Ashok Leyland, after having approved a substantial equity infusion of Rs 1,200 crore into its electric vehicle division, Optare, in November of the previous year, has proceeded to invest Rs 662 crore in the quarter ending December 2023 (Q3 FY24). The company’s management has conveyed that the balance will be allocated in one or more instalments in the forthcoming months. This move underscores Ashok Leyland’s dedication to increasing Optare’s growth and expansion efforts.
Shenu Agarwal, the Managing Director & Chief Executive Officer of Ashok Leyland, stated that of the total commitment of Rs 1,200 crore, the company has already allocated Rs 662 crore in the previous quarter. He mentioned that the plan is to distribute the remaining funds shortly in one or several instalments.
According to the most recent investor presentation by Ashok Leyland, the company has been actively deploying its Switch EiV22 and Switch EiV12-Standard models on the streets of cities such as Mumbai and Hyderabad while also preparing to introduce new offerings in the Indian market. Among these future products are the Switch EiV 12- Ultra Low Entry, designed specifically for metropolitan areas, and the Switch EiV7, a conceptual vehicle aimed at urban commuting, which was showcased at the Auto Expo 2023.
For the UK market, Ashok Leyland has already introduced the Switch Metrocity and Switch Metrodecker models. Looking ahead, the company is planning to launch the Switch e1 LHD for the European market, a model that was initially unveiled at the European Mobility Expo in Paris in 2022.