Ashok Leyland, the Indian flagship of the Hinduja Group and the country's leading commercial vehicle manufacturer, signed a multipronged partnership agreement with Japan-based global electric motor drives manufacturer Nidec Motor Corporation ("Nidec"), a 100%-owned subsidiary of Nidec Corporation. This will enable both Ashok Leyland and Nidec to develop novel e-drive motors and systems that will cater to the specific needs of India's commercial vehicle industry, ensuring advanced and efficient electric mobility solutions.
The agreement was signed by Mr. Shenu Agarwal, MD & CEO, Ashok Leyland and Mr. Michael Briggs, President, Nidec Motion & Energy in the presence of Dr. N. Saravanan, Chief Technology Officer, Ashok Leyland, Dr. Kanakasabapathi Subramanian, SVP Product Development, Ashok Leyland, Mr. Greg Gorman, Chief Growth Officer, Nidec Motion & Energy; Mr. Anthony Pickering, President Nidec Motion; Mr. Glen Feng, President Nidec Traction business segment; and Mr. Girish D Kulkarni, MD, Nidec Motion & Energy India.
Ashok Leyland and Nidec will work together to establish a Centre of Excellence (CoE) for Electric Drive Units (EDUs). This CoE will focus on developing cutting-edge motor technologies and power electronics systems for electric vehicles, along with innovations in gear-shifting mechanisms. The collaboration will also involve joint research and development efforts, with both companies contributing to skilling, lab infrastructure, and defining novel, differentiated motor technologies for the EV portfolio of Ashok Leyland and its subsidiary, Switch Mobility.
Ashok Leyland will continue to source motors from Nidec for its existing electric vehicle line-up, while also collaborating on research and development for future electric solutions. This partnership underscores the common goal of both companies to innovate and design e-drives that meet the varied terrains and operational needs of India's commercial vehicle sector. Additionally, the collaboration aims to build a strong local supply chain for next-generation electric vehicles in India.
Mr. Shenu Agarwal, Managing Director & CEO, Ashok Leyland said, "Ashok Leyland is delighted to partner with Nidec, a global leader in electric motor technology. This collaboration allows us to co-develop innovative e-drive motors specifically designed for the unique demands of India's commercial vehicle market, while significantly advancing our electric mobility capabilities. By combining our strengths, we aim to create cutting-edge solutions that will set new benchmarks and drive the future of sustainable commercial transportation in India."
Mr. Michael Briggs, President, Nidec Motion & Energy said, "Nidec is well positioned in India and is a perfect fit for accelerating India's commercial EV adoption. Our investment strategy and motor technology are well complemented by Ashok Leyland, who understand the precise and specific demands of the commercial vehicle market. This partnership will ensure that customers receive the same Ashok Leyland product they trust but now with the technology they need for efficiency and a changing global energy landscape."
Ashok Leyland continues to set new benchmarks and reaffirms its leadership position by joining hands with Nidec. This collaboration is founded on a shared vision of driving innovation, tackling the challenges of electric mobility in India, and shaping a sustainable future for commercial vehicles through advanced, cutting-edge technology.
Shares of Ashok Leyland Limited was last trading in BSE at Rs. 238.15 as compared to the previous close of Rs. 235.25. The total number of shares traded during the day was 412709 in over 7947 trades.
The stock hit an intraday high of Rs. 242.20 and intraday low of 234.60. The net turnover during the day was Rs. 98689631.00. |
