Ashok Leyland to Commit resources towards Battery Infrastructure for an Environmentally Friendly India
Ashok Leyland, a leading commercial vehicle manufacturer in India, has announced a significant step towards electrification with a long-term exclusive partnership with CALB Group, a foremost battery technology company in China.
The strategic partnership, signed by Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland and Mr. Jacky Liu, CEO, CALB (HK) Co., Ltd, in the presence of Mr. Shom Hinduja, President, Alternative Energy and Sustainability Initiatives, Hinduja Group, will see Ashok Leyland investing over Rs. 5000 Cr over the next 7-10 years in the development and manufacturing of next-generation batteries for both automotive and non-automotive applications.
The new battery business will initially focus on the automotive sector and later expand to non-automotive areas, including energy storage systems. This move is aimed at creating a localized battery supply chain in India to accelerate the adoption of electric vehicles.
CALB Group's CEO, Kang Kejun, will be at the helm of this new venture. The partnership between the two companies is in the backdrop of improving bilateral relations and aligns with the government's vision of creating a sustainable and green economy in India.
As part of this partnership, Ashok Leyland will establish a Global Centre of Excellence for research and development in battery materials, recycling, battery management systems, and advanced manufacturing processes. This centre will play a crucial role in Ashok Leyland's strategy to be a leading player in creating an electrification ecosystem in India.
The new battery business investments by Ashok Leyland cover Electric Vehicles, Electric Mobility-as-a-Service, Charging Equipment, Vehicle Financing and Leasing, and other related areas. The investment in battery technology is Ashok Leyland's alignment with the government's vision of creating a sustainable and green economy.
Moreover, the investment in battery localization by Ashok Leyland will provide for non-captive demand in the automotive sector and energy storage sector. This move is expected to boost the electric vehicle industry in India and contribute to the government's goals of reducing carbon emissions and promoting renewable energy.
The partnership with CALB Group is another milestone in the ongoing commitment of Ashok Leyland and Hinduja Group towards electrification. This strategic move is expected to position Ashok Leyland as a key player in the electric vehicle market in India and beyond.
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