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Ashok Leyland ready to ride on Elon Musk's India dream
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SME Times News Bureau | 20 May, 2019
Tesla CEO Elon Musk who has been moving back and forth on his India
dream for couple of years and unable to take the next big step now has
an invitation from commercial vehicles major Ashok Leyland.
Musk wants to make India his next big market but the question lingers: Will the electric car ever run on the bumpy 'desi' roads?
According
to Venkatesh Natarajan, Senior Vice President and Chief Digital
Officer, Ashok Leyland, the company is open to Musk for a partnership to
finally let Indians experience his path-breaking autonomous Tesla
electric cars.
"We are open to Musk's offer. I truly believe that
it's not just one partner who can contribute to the electric car dream
in India. There are multiple agencies who will be involved in this. We
will be lucky to be part of that consortium," Natarajan told IANS on the
sidelines of the just-concluded AWS India Summit here in the financial
capital.
"I go back to the organisation's philosophy and
culture. Whenever we see new technology, we like to try it out, just
like a small kid who sees a new toy and wants to experiment. We are open
in terms of technology adoption -- anything that adds value to our
customers," Natarajan noted.
The company, flagship of the Hinduja
Group, reported a revenue of Rs 6,325 crore in Q3 (FY 2018-19).
Year-to-Date (YTD) revenues touched Rs 20,209 crore, up 15 per cent over
corresponding period last year.
Rating agency ICRA recently
upgraded the long-term rating of fund-based limits of Ashok Leyland to
AA+ from AA with stable outlook. The agency believes that Ashok
Leyland's financial profile will remain healthy supported by stable
demand outlook for the medium and heavy commercial vehicle (M&HCV)
segment and light commercial vehicle (LCV) segments.
Touted as
India's largest bus manufacturer and the fourth largest in the world,
the company reported 10 per cent rise in the domestic vehicles sales at
13,141 units in April 2019. The commercial vehicles company had sold
11,951 vehicles in domestic market during the same month last year.
"Ultimately,
we need more money. We are in the business of making money. As long as
we are able to make more money and help our customers generate more
money, we are game to every new technology," Natarajan emphasised.
Ashok
Leyland's offer must be a sweet news to Musk's ears. Breaking his
silence over India plans after 10 months, Musk tweeted in March that he
would love to be in India in 2019 or next year.
"Would love to be there this year. If not, definitely next! India," Musk tweeted to a user.
Musk
earlier blamed the Indian government's policies for giving up on his
India dreams. He also blamed the FDI norms for the delay in the electric
car maker's entry into the Indian market.
"Would love to be in
India. Some challenging government regulations, unfortunately," Musk
tweeted in response to a Twitter user who wrote "No Tesla in India" on
his Twitter handle.
Earlier this year, Tesla's Indian-origin
Chief Financial Officer Deepak Ahuja announced his retirement from the
firm, bringing Musk's India dream to a halt again.
Tesla was expected to enter India with the Model 3 that sells for nearly $35,000.
In
2015, Prime Minister Narendra Modi visited Tesla headquarters at Palo
Alto, California and met Musk who gave Modi a tour of the company's
electric car plant.
In January this year, Musk laid the
foundation of Tesla Gigafactory in Shanghai -- the first-ever outside
the US -- that is expected to produce 500,000 electric vehicles per year
and double the production capacity.
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