Switch Mobility plans investment outlay of $200 million
29 Jul 2021
2 Min Read
CW Team
E-mobility major Switch Mobility has planned a growth strategy with an investment outlay of $150-200 million for the next few years as Hinduja Group has chalked out its future road map in the electric vehicle segment.
Hinduja Group has already invested over $130 million in developing its electric vehicle business over the past 10 years. The group now offers a range of products, and there are more than 280 e-vehicles on the road. It is preparing for the next level of growth with growth opportunities across the world.
Switch will use the $150-200 million in new vehicle segments, technology, partnerships, and manufacturing. The company is planning vehicles at different price ranges, modular battery configuration, low-cost sourcing and manufacturing, opex-based ownership solution, among others, under its growth initiative.
Dheeraj Hinduja, Chairman, Switch Mobility, and Ashok Leyland told the media that the company is looking at zero-carbon mobility as strategically important, that would manifest itself in the electric vehicle portfolio and services through eMaaS and Switch.
The group expects the addressable market for electric buses and light trucks globally to be at $70 billion by 2030 from $5 billion now.
It is also looking at pay-per-mile and subscription-based ownership models becoming the new trend to cover passenger and cargo mobility sectors. To address this, it will follow the 'Mobility as a Service' model also, which will be under a new entity and branded as OHM.
Also read: E-mobility: Ashok Leyland to bring EVs to India via subsidiaries
Also read: Ashok Leyland subsidiary acquires Switch Mobility Automotive
E-mobility major Switch Mobility has planned a growth strategy with an investment outlay of $150-200 million for the next few years as Hinduja Group has chalked out its future road map in the electric vehicle segment.
Hinduja Group has already invested over $130 million in developing its electric vehicle business over the past 10 years. The group now offers a range of products, and there are more than 280 e-vehicles on the road. It is preparing for the next level of growth with growth opportunities across the world.
Switch will use the $150-200 million in new vehicle segments, technology, partnerships, and manufacturing. The company is planning vehicles at different price ranges, modular battery configuration, low-cost sourcing and manufacturing, opex-based ownership solution, among others, under its growth initiative.
Dheeraj Hinduja, Chairman, Switch Mobility, and Ashok Leyland told the media that the company is looking at zero-carbon mobility as strategically important, that would manifest itself in the electric vehicle portfolio and services through eMaaS and Switch.
The group expects the addressable market for electric buses and light trucks globally to be at $70 billion by 2030 from $5 billion now.
It is also looking at pay-per-mile and subscription-based ownership models becoming the new trend to cover passenger and cargo mobility sectors. To address this, it will follow the 'Mobility as a Service' model also, which will be under a new entity and branded as OHM.
Image Source
Also read: E-mobility: Ashok Leyland to bring EVs to India via subsidiaries
Also read: Ashok Leyland subsidiary acquires Switch Mobility Automotive
Next Story
Blum India brings Design Reverie to Hyderabad
Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..
Next Story
Hafele launches Platinum Studio in Nagpur
Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..
Next Story
Truflo by Hindware wins GPTW honour again
Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..
