The city-based heavy commercial vehicle maker last year introduced the first 'Made in India' electric bus "Circuit."
The bus is equipped with a minimum seating capacity of 35 to a maximum of 65. It can run upto 120 kilometres on a single recharge under standard test conditions.
"We have three-pronged strategy to our electric vehicle business and are significantly ramping up production," Ashok Leyland MD, Vinod K Dasari told reporters here.
Declaring the annual performance for the financial year 2016-17, Dasari said the company has earmarked Rs 500 crore as capital expenditure for 2017-18.
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The company has also undertaken an exercise to focus on other verticals rather than "depending on truck sales."
From the current sales of trucks which accounts for 60-62 per cent of the total business, "we want to bring it to 50 per cent may be in next three to five years," he said.
"Our aftermarket revenue were up by 31 per cent and as far as our Defense business is concerned we have got nearly 19 (government) tenders," he added.
To a query on light commercial vehicle business, Dasari said, "It is a very important business for us. We are planning to launch one new model every quarter."
Referring to the sales of vehicles under BSIII variant, he said, nearly 10,664 vehicles that are BSIII variants were being converted into BSIV variants.
For 2017-18, Dasari said the company was "bullish" and was hopeful of surpassing the industry growth expected to be around 10-15 per cent in Medium and Heavy Commercial Vehicle segment.
On the status of setting up factories in Andhra Pradesh and Telangana, he said the company was waiting for the approval from the respective governments.
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