Heavy vehicles major Ashok Leyland has revealed its plans to invest Rs 400 crore over the next two years in developing new products, including left-hand-driving trucks.
Nitin Seth, president (light commercial vehicles), Ashok Leyland Ltd was quoted as saying by Business Standard: “We are coming up with a new product every six months, so the next product would be launched in April or May next year.”
He added: “Ashok Leyland would invest Rs 400 crore on new models in the next two years. The new products are also targeted for export markets.”
Ashok Leyland, which currently exports five per cent of its total volumes, primarlity to Russia and Ukraine, is working on left-hand-driving commercial vehicles to tap the potential export markets in Gulf countries and Africa.
“Globally, 80 per cent of the market for commercial vehicles is left-hand-driving. We are eyeing the Gulf Cooperation countries like Saudi Arabia and Qatar as well as Africa for exports of light commercial vehicles,” Seth said.
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