Ashok Leyland budgets Rs 120 crore to develop e-vehicles

Enthused by the government’s plan to create less-polluting mass mobility systems, Ashok Leyland is looking for a battery maker to foray into the electric vehicles’ arena. The company has budgeted Rs 120 crore for developing almost half a dozen electric solutions.
 
Recently it entered into collaboration with Sun Mobility to work on electric mobility solutions. Sun Mobility has Chetan Maini on board, the founder of India’s first electric car company. The Chennai-based company has plans to invest about Rs 500 crore in the overall bus business in the next two-three years.
 
Currently the company sold about 34,000 units annually out of which 13,000 units were exported. It is aiming to take the volume to 70,000 in the next three years, with half of that going to foreign markets.
 
Meanwhile, the stock was trading lower by 2.10% at Rs 107 per share on BSE at 1018 hours. It attracted total traded volume of 29,61,108 shares and traded value of Rs 3,179.34 lakh on the NSE at 1019 hours.