Switch Mobility Eyes 10,000 EV Fleet with Global Expansion

Switch Mobility, the electric vehicle arm of Ashok Leyland, is planning to double its fleet from 5,000 to around 10,000 vehicles over the next two years. The company is scaling global operations and transitioning toward a more self-sustained operating model, targeting robust medium-term revenue visibility with an estimated order book of ₹1,500 crore.

Growth and Market Share

Switch Mobility has experienced sharp growth, expanding from around 444 buses last year to over 1,200 this year. The company now commands a 23% market share in electric buses and over 40% in light commercial vehicles (LCVs) in the 2–3.5 tonne category.

CEO Ganesh Mani highlighted the company’s ambition to double its vehicle numbers over the next two years, depending on market evolution, marking a shift from a purely sales-led approach to an operations-led EV business.

International Expansion

Switch Mobility has already exported approximately 100 buses to Mauritius and plans further shipments to markets such as Seychelles, Bhutan, and Nepal. Exports are expected to scale gradually as these markets mature.

UAE Manufacturing Facility

The company’s new plant in Ras Al Khaimah, UAE, is a cornerstone of its global strategy. With the capacity to produce up to 10,000 buses annually, the facility will serve GCC, African, and European markets, enabling proximity to customers, improved cost efficiency, and reduced reliance on the Indian market.

Ganesh Mani emphasized that the facility supports the company’s long-term approach of managing a vehicle’s lifecycle rather than just making sales. Through a connected command centre, Switch Mobility monitors over 12 million data points annually, maintaining approximately 98% uptime and building customer confidence.

Industry Challenges

The EV sector is facing cost pressures of 20–30%, stemming from rising battery prices, steel and commodity costs, foreign exchange fluctuations, and supply chain disruptions. Switch Mobility is managing internal efficiencies while factoring these challenges into tender bids.

The company has achieved EBITDA and PAT breakeven in FY26, signaling a move toward self-sustained growth. With Ashok Leyland having already invested over ₹1,200 crore, Switch Mobility is currently able to fund growth internally while keeping capital allocation measured.

Outlook for FY27

Ganesh Mani refrained from providing specific forecasts for FY27, citing an ongoing phase of industry recalibration. The company’s focus remains on agility, operational efficiency, and careful execution in a dynamic global environment.