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Ashok Leyland aims for Global Top 10 CV Status and Net Zero by 2048
Industry News- Sep 08,23
The company's growth strategy hinges on expanding into global markets and making a robust entry into the electric vehicle (EV) segment.
Dheeraj Hinduja, the Executive Chairman of Ashok Leyland, has outlined two major objectives for the company as it marks its 75th anniversary. Firstly, Ashok Leyland aims to secure a position among the top 10 global commercial vehicle (CV) manufacturers in the near future. Secondly, the company has set a target to achieve net-zero emissions by 2048, coinciding with its centenary.
The company's growth strategy hinges on expanding into global markets and making a robust entry into the electric vehicle (EV) segment. These initiatives are expected to be the primary drivers of Ashok Leyland's growth. Alongside increasing volume and market share, the company also aims to achieve a double-digit return in earnings before interest, taxes, depreciation, and amortization (EBITDA).
Dheeraj Hinduja articulated these aspirations during the launch event for Switch Mobility's IeV (Intelligent Electric Vehicle) series. He emphasised the company's clear vision of becoming a global top 10 CV player, even though it currently holds the 20th position.
Shenu Agarwal, the Managing Director and Chief Executive Officer of Ashok Leyland, echoed Hinduja's vision and emphasised the company's aggressive global expansion plans. This expansion will involve introducing new products and technologies. In the EV sector, Ashok Leyland is particularly focused on the United Kingdom (UK) and Europe. For traditional products, growth targets include developing markets in Africa, West Asia, and South-East Asia.
Over the past 16 months, the company has appointed 13 distributors in the African market, some of whom have established their assembly facilities. Ashok Leyland has also developed "Avtar" products designed for international markets and plans to launch its first electric bus in Europe by 2024.
Dheeraj Hinduja acknowledged the challenges of entering the competitive European market but expressed confidence in offering the right products at the right price point. He emphasised that innovative products like their electric buses will enable the company to transcend traditional market boundaries.
Hinduja stressed the integration of Ashok Leyland's future with its electric vehicle subsidiary, Switch Mobility, highlighting the synergy resulting from joint development opportunities.
Shenu Agarwal acknowledged Ashok Leyland's history of redefining industry standards and its commitment to innovation and customer-centric solutions. He emphasised that the company's 75th-anniversary celebration is not just a reflection of its history but a testament to its determination to continue shaping the future of mobility. Agarwal expressed excitement about the future and a commitment to pioneer sustainable transportation solutions and support India's economic development for years to come.
Source: Business Standard
Ashok Leyland
global top 10 CV
net zero 2048
electric vehicles
Switch Mobility
Dheeraj Hinduja
Shenu Agarwal
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