if you want to remove an article from website contact us from top.

    which of the following automobile electric vehicle arms is in talks with financial investors to raise $200-250 million and is open to diluting up to 15% stake in switch mobility?

    Mohammed

    Guys, does anyone know the answer?

    get which of the following automobile electric vehicle arms is in talks with financial investors to raise $200-250 million and is open to diluting up to 15% stake in switch mobility? from screen.

    ‘Ashok Leyland committed to making Switch Mobility a global EV firm’

    CHENNAI

    ‘Ashok Leyland committed to making Switch Mobility a global EV firm’

    November 11, 2022 10:00 pm | Updated 10:00 pm IST - CHENNAI

    The Hindu Bureau COMMents SHARE READ LATER

    Commercial vehicle manufacturer Ashok Leyland Ltd. (ALL) is committed to making its electric vehicle arm Switch Mobility a global EV company, said executive chairman Dheeraj Hinduja.

    “Switch Mobility is an important initiative and we reiterate our commitment to develop it as a global electric vehicle company,” Mr. Hinduja said.

    “So far, we have been successful in establishing the name and platform as a credible EV manufacturer in the industry. In India, we are growing our sales pipeline quickly and delivering competitive products,” he said.

    The firm was focusing on India and the U.K. markets, he said and added that Switch had displayed its new electric European bus named E1.

    “So, Europe becomes a big market for us. But we are seeing interests from certain Middle Eastern markets as well. So, in due course, after Europe, we will be focusing on the Middle East markets,” he said.

    Mr. Hinduja said that the firm was in talks with several investors to raise $200-250 million for developing new products and the deal was likely to be announced soon. The dilution due to fresh infusion of capital from this round would not be more than 15%, he added.

    He also said that Switch had plans to unveil the much-awaited products in the LCV segment by middle of next year and hinted that Switch might go in for collaboration on the battery side and for charging infrastructure.

    Director and CFO Gopal Mahadevan said that ALL was the only firm to have gained market share in Q2.

    “There are lot of opportunities in the bus segment. Light commercial vehicles is expected to do much better in second half. We will deliver CNG buses when the market is ready,” he said.

    COMMents SHARE

    स्रोत : www.thehindu.com

    Switch Mobility dilution now will depend much on valuation: Dheeraj Hinduja

    In a Q&A, the executive chairman of Ashok Leyland says the firm will be diluting 10-15% in Switch Mobility to raise $200-250 mn

    Switch Mobility dilution now will depend much on valuation: Dheeraj Hinduja

    Switch Mobility dilution now will depend much on valuation: Dheeraj Hinduja In a Q&A, the executive chairman of Ashok Leyland says the firm will be diluting 10-15% in Switch Mobility to raise $200-250 mn

    Topics

    Hinduja Group | Ashok Leyland | automobile manufacturer

    Shine Jacob  |  Chennai

    Last Updated at November 13, 2022 23:37 IST

    Follow us on

    AddThis Sharing Buttons

    Share to Facebook Share to Twitter Share to LinkedIn Share to Telegram Share to More 1

    Ashok Leyland Chairman Dheeraj Hinduja

    Ashok Leyland, the flagship company of the Hinduja Group and commercial vehicle major, is looking to expand its presence in the electric vehicle segment. Dheeraj Hinduja, executive chairman of the company, talks to Shine Jacob about the firm’s EV roadmap, preparation for BS VI phase-2 norms and status of its de-risking plans. Edited Excerpts:

    1.Your electric vehicle arm Switch Mobility was looking to raise $200-250 million. What is the status?

    Switch Mobility is mainly focussed now on developing new products for the UK, Europe and the Indian market. It has a good order book. The fund-raising plan was to help us introduce new products, and set up a new plant in Spain. This requirement of $200-250 million is for the next 2-3 years.

    TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.

    Key stories on business-standard.com are available to premium subscribers only.

    Already a premium subscriber? LOGIN NOW

    SUBSCRIBE TO INSIGHTS

    What you get on Business Standard Premium?

    Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.

    Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.

    Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

    Pick your 5 favourite companies, get a daily email with all news updates on them.

    26 years of website archives.

    Preferential invites to Business Standard events.

    Subscribe to Business Standard Premium

    Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

    Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

    Download the Business Standard App for latest Business News and Market News .

    Read our full coverage on Hinduja Group

    READ MORE ON ASHOK LEYLAND HINDUJA GROUP

    AUTOMOBILE MANUFACTURER

    COMPANIES Q&A ` PREVIOUS STORY NEXT STORY

    Margin scale up key trigger for genset manufacturer Cummins India

    After suffering losses for 3 quarters, IndiGo on a flight path to profit

    Piramal, Zurich Insurance may bid separately for Reliance General Insurance

    Volvo Car India to hike prices up to 1.8% to offset rising input costs

    Amazon to shut down its edtech platform in India, refund customers

    NRIs from UK, US investing in large housing units in India: Realtors

    JioCinema preps for its Disney-Hotstar moment with football World Cup

    Orchid Pharma antibiotic product for treating UTI coming to India: MD

    Dubai-based Coral Energy turns focus to Asia, halts trade in Russian crude

    Does Koo have it to emerge as an alternative to Elon Musk's Twitter?

    Air India rolls out new grooming guidelines; use of hair gel, shave must

    Margin scale up key trigger for genset manufacturer Cummins India

    After suffering losses for 3 quarters, IndiGo on a flight path to profit

    Piramal, Zurich Insurance may bid separately for Reliance General Insurance

    Volvo Car India to hike prices up to 1.8% to offset rising input costs

    Amazon to shut down its edtech platform in India, refund customers

    NRIs from UK, US investing in large housing units in India: Realtors

    JioCinema preps for its Disney-Hotstar moment with football World Cup

    Orchid Pharma antibiotic product for treating UTI coming to India: MD

    Dubai-based Coral Energy turns focus to Asia, halts trade in Russian crude

    Does Koo have it to emerge as an alternative to Elon Musk's Twitter?

    Air India rolls out new grooming guidelines; use of hair gel, shave must

    Margin scale up key trigger for genset manufacturer Cummins India

    RECOMMENDED FOR YOU

    स्रोत : www.business-standard.com

    Ashok Leyland may shed up to 15% stake in Switch Mobility for funds : Dheeraj Hinduja, Auto News, ET Auto

    The commercial vehicle major’s plan to raise funds has been delayed. Recessionary trends in the West could be a hitch, though the company says investor interest on electric mobility is strong. The company says it is also open to EV support system collaborations, though not for EVs as such.

    Exclusive

    Exclusive Ashok Leyland may shed up to 15% stake in Switch Mobility for funds : Dheeraj Hinduja

    The commercial vehicle major’s plan to raise funds has been delayed. Recessionary trends in the West could be a hitch, though the company says investor interest on electric mobility is strong. The company says it is also open to EV support system collaborations, though not for EVs as such.

    ETAuto

    Updated: November 12, 2022, 17:58 IST

    A back of the envelope calculation then put Switch Mobility’s valuation at around INR 14,500 crore.

    New Delhi : Commercial vehicle major Ashok Leyland is expected to close discussions with prospective investors in its EV (Electric Vehicle) subsidiary Switch Mobility shortly. In the new round of funding, the company is open to diluting up to 15% stake in the EV maker. Switch Mobility had the first round of strategic investment of USD18 million (around INR 145 crore) from the Tier 1 major Dana in July 2021, resulting in a 1% stake shedding.

    A back of the envelope calculation then put Switch Mobility’s valuation at around INR 14,500 crore. “Dana came in at a specific valuation. We don't feel we will be bringing in any new investor at a valuation lower than that. If you take that as a benchmark, then for this current round I don’t think we would be diluting more than 15% at best,” Dheeraj Hinduja, Chairman, Ashok Leyland, said during a media call to announce the company’s Q2 results.

    The CV major posted a net profit of INR 199 crore in Q2, as compared to a loss of INR 83 crore during the same period last year. Revenue for the quarter stood at INR 8266 crore vis a vis INR 4458 crores in Q2 of the last financial year.

    ADVERTISEMENT

    India's largest and most coveted event in the electric vehicle ecosystem

    ETAuto EV Conclave 2023

    07 February 2023 @ 03:30 AM | Hyatt Regency Delhi

    A conference that will bring together technocrats and top industry leaders to discuss and debate

    Register Now

    Fundraising for Switch Mobility was expected to be done in the earlier part of the current calendar year. “It has taken us a little longer because we want to ensure we have the right partners with us. We hope to conclude our discussions shortly,” Hinduja said.

    Beyond the fundraising, Ashok Leyland says it is also open to collaboration, but not for vehicles. HInduja said, “I would say that we would not be looking at collaborating on the vehicle itself. But we would be open to collaboration, let's say if it comes to charging infrastructure, or certain areas on the battery side.”

    The fund required by Switch Mobility for the first 2-3 years is in the range of USD 200 million to USD 250 million. Raising funds may not be a big challenge given that the electric mobility wave is attracting many investors, whether Switch Mobility will command a premium valuation will be the question.

    Also Read:

    Russian carmaker Sollers to buy out Mazda's stake in Vladivostok plant

    In a results statement on Thursday, Mazda said the deal would be worth one euro, bring it the right to buy the asset back for the same amount within three years.

    Follow and connect with us on Twitter, Facebook, Linkedin, Youtube

    Commercial Vehicle investment ashok leyland

    Switch Mobility’s valuation

    EV maker electric mobility

    Subscribe to our Newsletter

    225000+ Industry Leaders read it everyday

    Most Read This Week This Month

    IT sleuths raid MG Motor's corporate office in Gurugram

    According to ETAuto sources, the raid began at the company’s Corporate office in Gurgaon around 3:00 PM and continued till the story is filed. The latest development comes in light of heightened scrutiny by law-enforcement agencies on companies operating in India which have links with neighboring country, China.

    Exclusive: Switch Mobility’s top mast in tatters? A week after Vice-Chairman, President also quits

    Big Boy Toyz opens studio in Ahmedabad

    Force Motors launches Urbania van, price starts at INR 28.99 lakh

    Most Read in Commercial Vehicle

    This Week This Month

    Force Motors aims to go global with new Urbania van

    Maruti Suzuki launches 2022 Eeco van with 13 variants, price starts at INR 5.10 lakh

    Eicher Motors appoints Vidhya Srinivasan as CFO

    Tata Motors bags Haryana Roadways order for 1,000 buses

    Maruti Suzuki News

    Auto sector on recovery path with broad-based volumes and margins improvement: Motilal Oswal

    Expect substantial increase in SUV market share this fiscal: Maruti Suzuki

    Amid chip glut, waiting time may reduce but vehicle prices to stay

    Suzuki Motor raises sales forecast on India boost

    Maruti Suzuki scales up capex by 40% to zoom past its peers

    Volkswagen News

    Volkswagen sees China sales on par with 2021 as lockdown impact lingers

    German industry calls for more support to diversify beyond China

    स्रोत : auto.economictimes.indiatimes.com

    Do you want to see answer or more ?
    Mohammed 8 day ago
    4

    Guys, does anyone know the answer?

    Click For Answer