Shares of commercial vehicle manufacturer Ashok Leyland, which is part of Hinduja Group, surged as much as 1.9% on Friday, a day after Switch Mobility, the company's electric vehicle arm unveiled the IeV series.

The scrip opened at ₹184.20 on Friday against the closing price of the previous session at ₹184.20. The scrip closed 0.85% higher at ₹183.55. During the session, the company's market capitalisation stood at ₹53,892.6 crore as more than 5.5 lakh shares exchanged hands on the BSE as against the two-week average of 6.71 shares.

According to the company, the IeV series consists of electric light commercial vehicles. In a regulatory filing, Ashok Leyland says the Switch IeV series (lev 3 and lev 4) is enabled with a 330 V high voltage EV Architecture for the 3.5-tonne commercial vehicle category. The series has as a battery pack ranging from 25.6 to 32.2 kWh (kilowatt hour) with an efficient range of up to 300 kilometres of operation in a day.

The company also unveiled the 9-meter, hydrogen fuel-cell electric bus, which has been developed in partnership with NTPC (National Thermal Power Corporation). The electric bus will be operational soon, as per the company.

"The launch of our SWITCH IeV Series electric vehicles is a defining moment for SWITCH, having established a strong reputation in the e-bus market. With the SWITCH iON Standard at its core, a versatile range of options, diverse charging solutions, exceptional performance, and operational ease as its hallmark, the SWITCH IeV Series is a testament to our dedication to driving positive change in the industry," says Mahesh Babu, CEO, Switch Mobility.

In July this year, the company said that it plans to increase the market share to 35% in the medium and heavy commercial vehicle category and 25% in the light commercial vehicle category. Moreover, the company is planning to expand its capabilities across the electric mobility segment through Switch Mobility.

The UK-based Switch Mobility caters to the company's EV operations in India. The company is also aiming for a double-digit EBITDA (earnings before interest, tax, depreciation and amortisation) in FY24.

In the April to June quarter of FY24, the company’s profit surged as much as 744% to ₹576 crore during the quarter under review, as against ₹68.05 crore in the same period last year, beating industry estimates. During the quarter, the company's revenue rose 13.5% from ₹7,222.85 crore to ₹8,189.29 crore in Q1 of FY23.

Ashok Leyland, a subsidiary of Hinduja Group, cornered a market share of 31.2% in the medium and heavy commercial vehicle segment with the company's volume growing by 7% in Q1 of FY24.

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