Shares of Ashok Leyland Limited traded 1.5 percent higher to Rs 184.5 in early trade on September 8 after the company's EV arm, Switch Mobility, launched a new electric light commercial vehicle series.
The Indian flagship of Hinduja Group has said that the series is India’s first electric commercial vehicle in its category and aims to provide efficient and eco-friendly solutions for last-mile transportation needs, the company said in an exchange filing on September 7.
Follow our market blog for all the live action
Moreover, Ashok Leyland also showcased the new, 9-meter, Hydrogen Fuel-Cell Electric Bus developed for NTPC (National Thermal Power Corporation). This is India’s first fuel cell bus that will commercially ply on the country's roads. The company also exhibited the country’s first Hydrogen Internal Combustion Engine Truck, which was earlier launched in collaboration with Reliance Industries.
The Switch Mobility series claims a range of up to 300 kilometres of operation in a day. It also incorporates the Switch iON system, offering various features that provide vehicle information, real-time insights into the vehicle's position, operating route, trip history, and the condition of EV aggregates, among others.
Speaking on the launch, Dheeraj Hinduja, chairman of Ashok Leyland and Switch Mobility said that the company looks ahead to the future with excitement and determination and renews its pledge to further shape the future of the commercial vehicle (CV) Industry.
In the first quarter, Ashok Leyland reported a 747 percent year-on-year (YoY) jump in its standalone net profit for the quarter ended June to Rs 576.42 crore, aided by a deferred tax credit, higher volumes, softening commodity prices, and cost cuts. During the same period last year, the flagship company of the Hinduja group posted a net profit of Rs 68.05 crore.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
