Ashok Leyland expects its electric vehicle subsidiary, Switch Mobility Ltd, to achieve an EBITDA break-even in India by the end of this financial year. “We are pleased with Switch’s performance…Switch India is expected to reach EBITDA break-even this fiscal,” Ashok Leyland Chairman Dheeraj Hinduja announced on Friday.
Achieving EBITDA break-even means that Switch Mobility’s operating revenue should cover its operating expenses, excluding interest, taxes, depreciation, and amortization. Switch Mobility represents Ashok Leyland’s entry into the electric bus and light commercial vehicle (LCV) market, with manufacturing facilities in Chennai and the UK.
The company’s products include the EiV series of buses and the IeV series of LCVs. In India, Switch has introduced two electric buses, the EiV 12 and the EiV 22 Double Decker, and is also developing a new low-floor electric bus for city travel.
With a backlog of 2,000 bus orders, Switch aims to fulfill these deliveries within the next 12 months. To support this, it recently increased its Chennai facility’s annual capacity to 3,000 electric buses, positioning itself to meet growing demand from various Indian states.
On the LCV side, Switch has launched the IeV4 and IeV3 models this year, covering an estimated 80% of the addressable market for electric vehicles in this segment. The company projects electric LCV penetration (for goods carriers under 7 tonnes) to reach 5% in the next few years, with potential growth to 12-13% by 2030. Switch Mobility aims to capture a 15-20% market share by the decade’s end.
Ashok Leyland, one of India’s largest commercial vehicle manufacturers, has expanded its vision to include sustainable transportation through its subsidiary, Switch Mobility Ltd. Established as a dedicated electric vehicle (EV) arm, Switch Mobility focuses on developing and manufacturing electric buses and light commercial vehicles (LCVs) to meet the growing demand for eco-friendly urban transport solutions.
With facilities in both Chennai and the UK, Switch Mobility aims to leverage Ashok Leyland’s expertise and infrastructure to deliver reliable EV options. Its portfolio includes the EiV series of electric buses and the IeV series of electric LCVs, catering to public transport and urban logistics needs.
