Recording a 353 percent increase in the revenue for the first quarter of FY2021-22 at INR 29,510 million in comparison to the revenue generation of INR 6,510 million in the corresponding quarter of FY2020-21, Ashok Leyland is confident of a strong demand emerging post the second Covid-19 wave. Clocking export volumes of 1,437 units in the first quarter of FY2021-22, up 254 percent when compared to the export of 405 units in the first quarter of FY2020-21, the commercial vehicle manufacturer is concentrating on vaccination and the adherence of safety protocols to try and ensure that all its stakeholders stay protected from a potential third wave. Experiencing a 1,041 percent growth in domestic M&HCV volume in the first quarter of FY2021-22, which is almost twice than that of the industry growth volume at 562 percent during the same period, the company has reported a net loss of INR 28,20 million in the first quarter of FY2021-22 as against a net loss of INR 38.90 million in the corresponding quarter of FY2020-21. Selling 8,690 LCVs in the domestic market in the first quarter of FY2021-22, up 224 percent as compared to the sale of 2,686 LCVs in the corresponding quarter last fiscal, Ashok Leyland is closely observing the way the freight rates are shaping up. It is confident that freight rates will improve with higher availability of commercial vehicles once the Covid-19 subsidies and uncertainty fades. “We are hoping for the volumes to grow higher as the market gets better,” mentioned Mahadevan. “July (2021) has been a growth month,” he added. Stressing that they have had eight months of degrowth, Mahadevan said, “Economic growth will induce growth in CVs.”

CV trends
Working on a strategy for a robust domestic and exports growth, the commercial vehicle major is appointing dealers in Africa. Looking at gaining good traction in South East Asia, Ashok Leyland will launch new products in the LCV segment even though not in the immediate quarter. Buoyed by the international markets opening up and experiencing export thrust, the company is said to be testing an electric version of its LCV platform on which the Bada Dost is based in the UK. This vehicle is expected to be launched at the end of this fiscal or in the first half of the next fiscal. Of the opinion that electric vehicles are catching up, especially at the local point of use, on the encouragement of the governments, Mahadevan averred, “It is more to do with buses, but trucks will catch up.” Seeing a trend of petrol commercial vehicles in the low-tonnage segment of sub-1 tonne to 1.5 tonne, Mahadevan drew attention to the push on CNG. “We are ready in the LCV and ICV (segment),” he added. Of the firm belief that diesel vehicles will continue and the IC engine will coexist and not die overnight, Mahadevan said, “We are ready to cater to higher demand.” 
 

Watching closely how freight operators are able to pass on the fuel price hike to their end customers, Ashok Leyland is hoping that bus commute will pick up. A 40,000 units per annum market, according to Mahadevan, buses have been severely affected due to the Covid-19-led disruption. Delivering 40 electric buses to the city of Chandigarh recently (from where it has bagged an order to build and maintain e-buses with quick charging technology), Ashok Leyland is expecting pent-up demand to show up once normalcy returns. Also expecting demand to show up because of the need to ferry people without sacrificing social distancing norms, Mahadevan drew attention to their work towards further strengthening their position in the bus and LCV market segments. With the talk of schools reopening in regions where the Covid-19 infections are down, and the relaxation in Covid-19 norms in some region allowing more employees to return to their offices, bus demand is expected to improve post witnessing a sudden downfall mid-last year. Through the establishment of Switch Mobility, Ashok Leyland is keen to experience a speedier ride in the ‘cleaner and greener’ bus space. 
 

Managing costs and productivity 
Eyeing international markets like the US, Europe and Japan, the company, through the Switch Mobility subsidiary, has worked with a few consultants to make sure that its data points and numbers are on par with the current situation. Under Switch Mobility, it is developing new products to present an advantage of unique position in terms of value and premium positioning. For its Switch Mobility subsidiary that includes the erstwhile Optare of UK, Ashok Leyland has managed to get USD 18 million worth of investment from Dana Incorporated (Dana), a US-based manufacturer of drivetrain and e-propulsion systems. To do de-bottlenecking once enough demand is evident, Ashok Leyland, investing sufficiently in terms of capex, is confident of seeing early growth sprouts in LCVs. Therefore, if it were to do immediate capex investment, it would be in LCVs. Discussing with scrappage centres post the announcement of the scrappage policy, Ashok Leyland, the second-largest CV maker in the country, is witnessing good traction from its other business verticals like defence, power solutions and aftermarket. They are contributing to its top line. 
 

With the pace of vaccination picking up and positively setting in, Ashok Leyland is expecting a demand spike in commercial vehicles after the fear of a third Covid-19 wave is over. This, according to Mahadevan, could happen in the second half of this fiscal. Focusing on costs, productivity and middle level management, the commercial vehicle major is also concentrating on reducing its carbon footprint. Apart from announcing strategic steps to move towards net zero carbon mobility through Switch Mobility, Ashok Leyland, said Mahadevan, has formed an ESG committee of the Board. The committee will guide and propel the commercial vehicle manufacturer to achieve its sustainability agenda.
 

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ELANTAS Beck India Ltd. has announced a strategic push to strengthen its speciality chemicals portfolio in response to the country’s rapidly expanding data centre infrastructure sector. The company, recognised for its expertise in electrical insulation and electronic protection, aims to support the evolving technical demands of this high-growth market.

The firm’s product range includes wire enamels, high and low voltage insulation materials, varnishes, resins, potting compounds and electronic protection solutions. These materials serve critical components across data centre ecosystems, such as transformers, generators, motors, power distribution units, cooling systems, server room electronics and battery energy storage systems.

India’s data centre capacity is growing swiftly due to rising artificial intelligence workloads, cloud computing, 5G rollouts and stricter data localisation norms. As facilities shift towards higher density and always-on operations, the need for reliable electrical infrastructure has intensified, placing greater emphasis on thermal management, cooling efficiency, electronics protection and uninterrupted energy storage.

Leveraging over 70 years of experience in speciality chemicals, ELANTAS Beck India Ltd. continues to enhance its capabilities through application-driven innovation, technology transfers and ongoing material development. The company remains focused on aligning with emerging industry standards for efficiency, reliability and performance across critical electrical and electronic applications.

Anurag Roy, Managing Director, ELANTAS Beck India Ltd., said, “As India’s data centre ecosystem continues to expand, the demand for reliable and high-performance electrical infrastructure is increasing significantly. This is creating strong opportunities for advanced insulation and protection solutions across critical applications that enable uninterrupted operations of these facilities. With our proven chemistry in electrical insulation and electronic protection, ELANTAS is well-positioned to support this evolution through application-focused chemistries designed for reliability, efficiency and long-term operational performance.”

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Greaves Finance, the EV-focused non-banking financial company (NBFC) subsidiary of Greaves Cotton, has announced the successful deployment of its previously sanctioned institutional debt of INR 2.23 billion.

The capital injection, executed during the April-March 2026 fiscal cycle, has accelerated the retail lending footprint of its multi-brand electric vehicle financing platform, ev.fin, scaling its physical presence to 74 cities across India. The entity plans to surpass 80 operational cities by July 2026.

The INR 2.23 billion institutional capital was raised through a calculated asset-liability mix consisting of Listed Non-Convertible Debentures (NCDs) and structured term loans. The fundraise was anchored by a consortium of tier-one institutional lenders and asset management firms, including AK Capital, Northern Arc Investment Managers, AU Small Finance Bank, Ambit Finvest, MAS Financial Services and Maanveeya.

Backed by this capital deployment and rising consumer credit demand, the company's financial metrics as of March 2026 stand at INR 5.22 billion of Managed Assets Under Management (AUM), cumulative loan disbursements exceeding INR 7.74 billion, which includes over 55,000 active retail and fleet accounts.

Traditional automotive financing heavily weights a borrower's static income profile. In contrast, ev.fin utilises a differentiated, OEM-agnostic asset underwriting model that structures loan terms based on the real-time thermal health, degradation curves, and residual resale value of the EV battery pack.

The platform is directly embedded into the point-of-sale (POS) dealerships of major electric two-wheeler (E2W) and three-wheeler (E3W) original equipment manufacturers, including Ather Energy, Ampere, River, Hero MotoCorp, Bajaj Auto, TVS Motor Company, Suzuki and Ultraviolette.

The platform's proprietary underwriting framework allows it to issue specialised, risk-adjusted credit instruments that track the entire functional lifecycle of an electric vehicle:

P B Sunil Kumar, Executive Director & CEO, Greaves Finance, said, “The deployment of substantial funds from our existing INR 2.23 billion, marks an important milestone for ev.fin and reflects strong institutional and investor trust. Our institutional partnerships and investor endorsement have provided a robust foundation, which demonstrates support for our differentiated business model and is a ringing endorsement of the way we have decided to scale the business."

"As India’s electric mobility market accelerates, innovative and accessible financing solutions will remain central to unlocking the next phase of growth. Recognising this potential, we are actively working toward expanding our lender ecosystem to support our next growth cycle while maintaining robust underwriting and portfolio quality,” he concluded.

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The Mexican federal government has officially unveiled the prototype for Olinia, the country's first domestic electric vehicle (EV) brand. Coordinated by the Ministry of Science, Humanities, Technology, and Innovation (SECIHTI) and manufactured in Puebla, the project represents Mexico’s strategic shift from a pure export-oriented assembly hub to a developer of national intellectual property says a report by Mexico Business News.

Commercial production for Olinia is slated to begin in 2027, with the brand looking to challenge the historical dominance of foreign manufacturing frameworks.

Claudia Sheinbaum, President, Mexico, said, “Olinia represents the seed of a new innovation ecosystem built from Mexico."

The initiative directly addresses Mexico's long-standing reliance on final-assembly manufacturing under trade agreements like the USMCA. While countries like China capitalised on state coordination and strict supply chain control to build massive domestic EV ecosystems, Mexico historically lagged in capturing high-value-add automotive IP.

To bridge this gap, SECIHTI orchestrated an intensive 18-month engineering phase, uniting academic and public research powerhouses – including the Instituto Politécnico Nacional (IPN), Tecnológico Nacional de México (TecNM), UNAM and UPAEP.

The brand's debut model, the Olinia Uno, targets urban utility and aggressive affordability, aiming for a market segment largely overlooked by global legacy automakers.

The Olinia Uno is expected to cost approximately MXN 150,000 or USD 8,600 (INR 716,466), comes with a 14.7 kWh battery, with a claimed range of approximately 125 km per charge and a top speed of 50 kmph. The EV is expected to offer a low running cost of around MXN 0.5 or INR 2.74 per km.

In terms of features, the EV comes with a 7-inch centre display, Bluetooth 5.0, USB/USB-C ports, 6-passenger capacity and wheelchair accessibility.

Operating under a mixed-ownership corporate structure, the Olinia project is currently seeking MXN 200 million (USD 11.4 million) in private capital to transition from prototype to commercial manufacturing. Facility construction in Puebla is scheduled to begin between August and September 2026.

The plant is expected to debut with an initial capacity of 20,000 units per year, aiming to scale to 50,000 units within four years and eventually peak at 100,000 units annually. Olinia will launch with 50 percent localisation, with a mandate to hit 75 percent localisation by 2030.

The project is led by Director Roberto Capuano Tripp, with the initial phase involves deploying 2,000 charging points across Mexico City, the State of Mexico and Puebla to support the mass transition of public transport and taxi fleets.

To accommodate the rollout, federal authorities are collaborating with the Ministry of Economy to draft a new regulatory framework specifically governing low- and medium-speed urban vehicles. Furthermore, the vehicle's battery design incorporates a circular-economy strategy: power cells will be repurposed for residential energy storage before undergoing final chemical recycling at processing facilities in Sonora.

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Ultraviolette has entered the record books as the first Indian production motorcycle to tackle and finish the gruelling Isle of Man TT Mountain Circuit. This world-famous course, stretching 37.72 miles (60.72 kilometres), is widely considered one of the most punishing tracks in global motorsports.

The feat occurred on 6 June 2026, when several F77 MACH 2 machines from Ultraviolette successfully navigated the full 60.72 kilometres of demanding tarmac. A trio of skilled riders – former TT winner James Hillier, actor and biking enthusiast Ranvijay Singha and national champion Abhishek Vasudev – piloted the electric motorcycles. Official recognition for the accomplishment has come from both the Asia Books of Records and India Books of Records.

This success represents a turning point for the nation’s expanding electric vehicle sector. The F77’s ability to master one of motorcycling’s most revered circuits highlights the advanced performance potential of Indian-designed electric motorcycles on an international stage. Ultraviolette views the achievement as a major step in its ongoing effort to redefine electric mobility and position India as a frontrunner in future transportation solutions.

Narayan Subramaniam, CEO and Co-Founder, Ultraviolette, said, "Completing a lap of the Isle of Man TT Mountain Course with the F77s is a significant milestone for Ultraviolette and a proud moment for Indian design and engineering. It demonstrates how far electric motorcycle technology has evolved and reinforces our belief that high-performance electric mobility can compete on the world's most demanding stages.

“For decades, the Isle of Man TT has been where motorcycle technology is tested, proven and celebrated. The TT Zero class was ahead of its time and showed the world that electric motorcycles could be more than an alternative; that they could be genuinely exciting, competitive and capable. Today, electric motorcycles have reached an entirely new level of capability and we would love to see electric racing return to the Isle of Man TT and continue driving the next chapter of motorcycle innovation."

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