Ashok Leyland sets sight on global top 10 manufacturers list: Hinduja
As it completed 75 years on Thursday, Ashok Leyland Executive Chairman Dheeraj Hinduja has lined up two major goals for the company – one to get into the list of top 10 global commercial vehicle manufacturers in the near future and another to achieve a net-zero target by 2048, when it completes 100 years. Expansion to global markets and aggressive foray into the electric vehicle segments are expected to be the key drivers of its growth.
The Indian flagship of the Hinduja Group is at present the 20th largest player in the world in the segment. Along with growth in volume and market share, Hinduja said the company’s target is to achieve a double-digit return in Ebitda. “Our ambition is to go global… and to achieve net zero when Ashok Leyland completes 100 years,” Hinduja said, 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 commercial vehicle player. Currently, we are at No. 20,” he said, addressing a select group of journalists earlier in the day.
The company’s Managing Director and Chief Executive Officer Shenu Agarwal echoed this and said the company is on the road to expand globally in an aggressive manner, through the introduction of new products and technologies. In the electric vehicle segment, it is betting big on the United Kingdom and Europe, while for 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 with a mindset to serve international markets.
“We are planning to launch our first electric bus in the European market by 2024,” Hinduja added. “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 come 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,” Hinduja added.