CHENNAI: Ashok Leyland's Ras Al Khaimah plant in the UAE, which is set to manufacture electric vehicle buses for the European market, will be up and running within the next 12 months, said Shenu Agarwal, MD & CEO at Ashok Leyland.
He also said the light commercial vehicle and intermediate vehicle segments are likely to see faster adoption of EV.
Confirming the recent report about the fund-raising option for its EV business vertical OHM Global Mobility, Agarwal said the commercial vehicle maker is exploring opportunities to raise funding through “external sources”. During the earnings call, the MD said, “We have already invested Rs 300 crore in OHM and earmarked another Rs 300 crore. Beyond this Rs 600 crore, we will look to add other fund-raising options.”
He also said SWITCH buses are being exported to countries like Mauritius, and that they have received orders for 45 EV buses from Bhutan.
The Hinduja Group company also said SWITCH India sold 850 buses between April and December 2025 and 1,200 eLCVs, with the current order book standing at 1,350 units. SWITCH has delivered over 240 buses in Delhi.
The Hinduja Group’s flagship company achieved all-time high Q3 profit of Rs 796 crore, increasing at 4% year-on-year. The company will incur a one-time charge of Rs 308 crore towards the new labour codes. The volume of exports was 4,965 units in Q3 FY26 against 4,151 units in Q3 FY25, a growth of 20%.
Ashok Leyland’s domestic MHCV market share continues to be above 30%. The company has also maintained leadership in the bus segment with a 40% market share in Q3.