homeauto News

Not in talks with Tesla, says Ashok Leyland

Not in talks with Tesla, says Ashok Leyland

Not in talks with Tesla, says Ashok Leyland
Profile image

By Jude Sannith  May 24, 2019 7:11:07 PM IST (Published)

Ashok Leyland has denied taking up American entrepreneur and Tesla founder, Elon Musk’s open offer to develop electric and autonomous vehicles in India.

Commercial vehicle manufacturer and the Hinduja Group’s flagship company, Ashok Leyland, has denied taking up American entrepreneur and Tesla founder, Elon Musk’s open offer to develop electric and autonomous vehicles in India.

Recommended Articles

View All

Musk has evinced interest and excitement about India possibly being a new market for Tesla’s autonomous cars.
Over the last couple of days, several news reports have been doing the rounds, quoting a senior vice president of the company, saying that Ashok Leyland was “open to (Elon) Musk’s offer” to help Indians experience Tesla’s technology.
Ashok Leyland has now clarified that the company is not in talks with Musk’s company.
"I’ll have to figure out where this news was picked up from because we haven’t had any active discussions with Tesla at all,” said Gopal Mahadevan, chief financial officer, Ashok Leyland, speaking exclusively to CNBC-TV18.
He added, "Having said that, let me clarify that the company’s initiatives with electric vehicles are very much on. We have a medium-term strategy on electric vehicles."
While there may be no talks with Musk at the moment, Mahadevan did confirm that Leyland was open to partnering with “capable companies” to build electric vehicles.
"Ashok Leyland is looking at battery technologies, motor technologies, and we are looking to partner with capable companies,” said Mahadevan, “There are no talks with Tesla.”
On Friday, Ashok Leyland had reported a 12.1 percent year-on-year drop in net profit at Rs 653 crore for Q4 of March 2019. The company posted a profit of Rs 743 crore in Q4 last year. Its domestic MHCV (medium and heavy commercial vehicle) industry volumes in Q4 fell by four percent for FY 19 to 1.12 lakh units (as per SIAM data).
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng