Ashok Leyland seeks investors for EV arm; sets sight on used-vehicle biz

In the EV space, the firm plans to invest $150-200 million over five years and come out with its first electric light commercial vehicle in India by December end

After drawing its electric vehicles roadmap by setting up UK-based subsidiary Switch Mobility, commercial vehicle (CV) major Ashok Leyland said on Monday it is in talks with strategic and financial investors to raise funds for its EV arm.

The company is also looking to enter the used vehicle business and plans to launch two intermediate commercial vehicles (ICV) models in the compressed natural gas (CNG) segment by the fourth quarter of the current financial year. “We are certainly looking for investors. There are discussions going on with investors. What we are looking for is the right partners both strategic and financial,”