Switch Mobility plans investment outlay of $200 million

29 Jul 2021 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.

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Also read: E-mobility: Ashok Leyland to bring EVs to India via subsidiaries

Also read: Ashok Leyland subsidiary acquires Switch Mobility Automotive

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