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Ashok Leyland unveils vehicle disposal facility & platform for old vehicles
Industry News- Jul 05,24
The Hinduja flagship is also developing a digital platform named Re.AL for the used vehicle business.
Ashok Leyland, a prominent truck and bus manufacturer, is set to introduce its first-ever vehicle scrappage facility under a franchise model. The company has finalised an agreement with a Registered Vehicle Scrapping Facility (RVSF), placing it in a strategic position to advance circularity and reduce its environmental footprint, according to its annual report for FY24.
Ashok Leyland will launch a scrappage facility, enhancing its role in environmental sustainability. The company is developing a platform to help customers resell their vehicles in compliance with the government-mandated vehicle scrappage policy. Ashok Leyland anticipates growth in the commercial vehicle industry driven by replacement demand, the mandatory scrapping of older government vehicles, and steady macro-economic growth.
Dheeraj Hinduja, Chairman highlighted the company’s focus on alternative fuel technologies, including battery-powered vehicles, hydrogen ICE, fuel cells, LNG, and CNG. Several such products are currently undergoing trials. The company aims to offer a full suite of clean energy vehicles, with CNG and LNG trucks and buses already operational and prototypes for green hydrogen trucks being deployed in actual operating conditions.
Ashok Leyland is establishing a significant presence in the green mobility space through its subsidiary, Switch Mobility, which focuses on electric buses and light commercial vehicles. Currently, over 950 electric buses are deployed globally, with plans to begin sales in the European market later this year. The company recently launched its Boss electric truck and is in advanced stages of launching a fully electric 55-tonne tractor-trailer.
The company's R&D expenditure rose to 1.30% of turnover in FY24. Ashok Leyland invested Rs 15.25 billion, acquiring a 100% stake in OHM Global Mobility Pvt Ltd and increasing its stake in Optare Plc., UK, to 92.59%. Formed TVS Trucks and Buses Private Ltd contribute 49.90% of the paid-up share capital.
While advancing new energy technologies, Ashok Leyland continues to expand its range in the traditional ICE segment, planning to launch at least six new products in the light commercial vehicle space this fiscal year. Over 30% of FY24 sales came from newly launched products.
(Source: BusinessLine)
Ashok Leyland
Dheeraj Hinduja
truck and bus manufacturer
truck and bus manufacturing
vehicle scrappage
Registered Vehicle Scrapping Facility
RVSF
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