Ashok Leyland Executive Chairman Dheeraj Hinduja has lined up two major goals for the company, which turned 75 on Thursday. First, get into the top 10 global commercial vehicle (CV) manufacturers in the near future, and second, achieve the net zero target by 2048, when it completes 100 years.
The expansion into global markets and the aggressive foray in the electric vehicle (EV) segments are expected to be the key drivers of growth.
Along with the growth in volume and market-share, Hinduja said the company’s target is to achieve double-digit return in earnings before interest, taxes, depreciation and amortisation (Ebitda).
“Our ambition is to go global and achieve net zero when Ashok Leyland completes 100 years,” Hinduja said, while addressing a packed audience during the launch of its electric vehicle arm Switch Mobility’s IeV (Intelligent Electric Vehicle) series.
“You know our vision is clear and we have discussed it many times, that is to be a global Top 10 CV player. Currently, we are at No. 20,” he said, while addressing a select group of journalists.
The company’s managing director and chief executive officer Shenu Agarwal echoed Hinduja’s sentiments, and asserted that the company is on road to expand globally in an aggressive manner, through the introduction of new products and technologies.
In the EV segment, it is betting big on the United Kingdom (UK) and Europe, while in traditional products, developing markets in Africa, West Asia and South-East Asia are its key targets for growth.
In the last 16 months, the company appointed 13 distributors in the African market, with some of them having their own assembly facility.
He added that the company has developed ‘Avtar’ products for the international markets.
“We are planning to launch our first electric bus in the European market by 2024,” Hinduja said.
“Breaking into the European market is not that easy. We have strong competitors there, and Ashok Leyland is offering the right products at the right price point for such markets. With products like our electric buses, you will not be constrained to one traditional market,” Hinduja said.
According to Hinduja, the future of Ashok Leyland and its electric vehicle arm Switch Mobility are integrated.
“The synergy will be coming through its joint development opportunity. I don’t see Switch mobility in isolation,” he added.
“Over the course of its remarkable journey, Ashok Leyland has consistently redefined industry standards, setting benchmarks for cutting-edge technology in its products and services, and partnering with marquee names in offering innovative, customer-centric solutions. The 75th anniversary celebration is not just a reflection of the company's history, but a testament to its determination to continue shaping the future of mobility,” Agarwal said.
“As we celebrate this milestone, we look ahead to the future with excitement and determination and renew our pledge to further shape the future of the CV industry. We have set our sights on pioneering sustainable transportation solutions and aim to support India’s economic development for years to come,” he added.