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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Kia India, one of the leading passenger vehicle manufacturers, has announced a landmark three-year partnership with the Tennis Premier League (TPL), coming on board as the league's Exclusive Sponsor.

The multi-year agreement integrates the automaker across the entire TPL ecosystem, including its digital application and all eight franchise teams as the front-of-jersey sponsor.

The partnership marks a significant milestone for the homegrown league, which broadcasts live on Jio Hotstar and has completed 7 seasons under the auspices of the All India Tennis Association (AITA).

The event is backed by Indian tennis legends Leander Paes and Sania Mirza, alongside celebrity franchise co-owners Sonali Bendre Behl (Lucknow Blazers) and Rakul Preet Singh (Hyderabad Strikers). The league has established itself as an impactful non-cricket sporting property in India.

A core focus of the multi-year deal is the expansion of TPL’s grassroots and talent-identification infrastructure. Over the past two years, the league’s flagship ‘Race to Gold Scholarship’ initiative has provided developmental support to more than 80 young tennis players across the country.

With Kia India’s financial backing and resources, the program plans to empower an additional 120-plus young athletes in the coming years. The long-term objective of this sustained investment is to nurture Olympic-level talent capable of competing at the 2036 Olympic Games.

Atul Sood, Senior Vice President - Sales and Marketing, Kia India, said, “At Kia India, we believe sports have the power to inspire aspirations and create meaningful cultural connections. Tennis, with its youthful energy, global appeal, and premium character, strongly resonates with our brand philosophy. Our partnership with Tennis Premier League reflects a shared vision to make tennis more engaging and relevant for a new generation of audiences in India. Through TPL’s growing ecosystem and grassroots focus, we look forward to supporting greater participation, engagement, and talent development around the sport.”

Kunal Thakkur, Co-Founder, Tennis Premier League, added, "This partnership with Kia India is a great moment for us. Over the last few years, we have focused deeply on building a strong grassroots ecosystem through our app and initiatives like Race to Gold along with our League. Having a global brand like Kia India recognize and back this vision gives us the confidence to scale our efforts and truly impact the future of Indian tennis."

Mrunal Jain, Co-Founder, Tennis Premier League, stated, "TPL has always believed in creating a complete tennis ecosystem—from identifying young talent to giving them a platform at the highest level. With Kia India coming on board, we are not just adding a sponsor; we are gaining a long-term partner who shares our vision of building champions for India."

Leander Paes, 18-time Grand Slam Champion, remarked, “Over the years, Tennis Premier League has created a strong platform that is helping tennis grow at every level – from grassroots development to professional competition. Partnerships like this with Kia India is extremely important for the future of Indian tennis, as they bring long-term vision, credibility, and meaningful support to the ecosystem.”

The alliance links Kia's global sports portfolio, which includes a 25-year legacy as the major partner of the Australian Open, with India's emerging contemporary sports culture.

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Caterham has unveiled a new limited-edition model, the Seven Nürburgring Edition, marking a century of the famous German circuit widely regarded as the world’s most demanding race track. Production will be strictly limited to just 100 units globally, with customers able to choose between the Seven 420R or Seven 340R platforms depending on their market. Pricing in the United Kingdom starts at GBP 48,995 (approximately USD 65,690) including VAT.

Engineered specifically for the challenges of the Nürburgring, the car features a bespoke race suspension developed exclusively by Bilstein using its advanced vertical dynamics test rig. The setup was refined to deliver exceptional capability on both road and track, resulting in a tailored package unique to this edition. Power comes from a naturally aspirated 2.0 litre Ford Duratec engine producing 210 brake horsepower at 7,600 rpm, giving a power-to-weight ratio of 375 bhp per tonne. Paired with a five-speed gearbox, the Seven Nürburgring Edition sprints from zero to 60 miles (approximately 96 km) per hour in 3.8 seconds and reaches a top speed of 136 miles (approximately 219 km) per hour.

As a fully licensed Nürburgring product, the car incorporates distinctive circuit branding and logos, along with three available paint finishes named Traffic Red, Agate Grey and Basalt Grey, though custom colours are also offered. Exterior upgrades include a red track day roll bar, a mesh grille with a dual-colour Seven logo, a 620-style nosecone with carbon aero whiskers, a Gunmetal Grey chassis, carbon front wings and a Black Pack comprising a black windscreen, headlamp bowls and exhaust heat shield. Inside, leather seats feature Nürburgring embroidery and red stitching, echoed on the transmission tunnel, while carbon interior panels, four-point road harnesses, sequential shift lights and an individually numbered plaque for each of the 100 cars complete the package.

For a century, the 12.9-mile circuit in Germany’s Eifel Mountains, nicknamed the Green Hell, has served as the ultimate proving ground for cars and drivers with its changing elevation and 73 corners. Caterham has flourished there for decades, most notably achieving an 11th place finish at the Nürburgring 24 Hours in 2002 driven by Chris Cooper, Chris Harris, Clive Richards and Peter Haynes.

Trevor Steel, Senior Vice President – Operations, Caterham Cars, said, “For a century, this track has championed values that are at the heart of what the Seven is all about – balance, precision and an unmatched driving experience. We set out to capture the spirit of the ‘Ring, with every element of the car being honed to reflect the track’s unique demands and character. Designed both for use on the track and the road, the Seven Nürburgring Edition is a unique vehicle that perfectly pays tribute to this famous, globally renowned circuit.”

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South Korean auto major Hyundai Motor Group has entered into a multilateral agreement with 9 corporate partners from South Korea, Mainland China, Hong Kong, and France to develop an integrated hydrogen ecosystem in Hong Kong.

The announcement was made during the International Hydrogen Development Symposium 2026, coinciding with a separate intergovernmental Memorandum of Understanding (MoU) signed between the governments of South Korea and Hong Kong to align clean energy policies.

The corporate alliance is structured to establish a regional hydrogen market while positioning Hong Kong as an operations base for the Group’s expansion across the Asia-Pacific territory. The project is aligned with the Hong Kong Government’s Climate Action Plan 2050 and the city's 2024 Hydrogen Roadmap, which provides financial subsidies via the New Energy Transport Fund for zero-emission infrastructure.

The execution plan focuses on localised energy production and transit infrastructure to operate by the end of 2030. Key initiatives include:

• Waste-to-Hydrogen (W2H) Production: Utilising local landfill gas (LFG) resources to generate low-carbon fuel.
• Fleet Deployment: Introducing fuel cell commercial vehicles, focusing on tour buses and airport shuttles to service the transit sector.
• Refuelling Network: Constructing hydrogen refuelling stations (HRS) in high-traffic freight corridors.

Seung Kyu Shin, Executive Vice-President and Head of Energy & Hydrogen Policy Sub-Division, Hyundai Motor Group, said, “This MoU was signed as Hyundai Motor Group’s commitment to advancing Hong Kong’s proactive hydrogen policies and driving the acceleration of its hydrogen ecosystem utilising the Group's hydrogen business capability and experience. Starting with Hong Kong, we look forward to expanding our collaboration and business opportunities across the broader Asia-Pacific hydrogen market.”

Alpha Lau, Director-General of Investment Promotion of Invest Hong Kong, stated, “Today multi-party signing is both a landmark moment for Hong Kong’s green economy and a clear signal that the city’s hydrogen ecosystem is gaining real traction. Over the past three years, InvestHK has helped leading hydrogen enterprises establish themselves in Hong Kong, several of which have since listed on the Hong Kong Stock Exchange, raising over HK$2.5 billion in total. For businesses with global green ambitions, Hong Kong is where business growth takes shape.”

The Group's HTWO Guangzhou facility, its first overseas fuel cell production site, will manufacture and supply the vehicle systems required for the regional deployment. Under the timeline established by the consortium, project site selection will be finalised by 2027, followed immediately by the engineering design phase for the production plants.

The division of responsibilities among the ten signatory companies is structured as follows:

This project expands the Group’s global W2H portfolio, which includes the HTWO Energy Cheongju facility in South Korea utilising sewage sludge and an active landfill-to-hydrogen joint venture in Indonesia with Pertamina.

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Hyderabad-based electric vehicle company Keto Motors has marked its debut on the Bombay Stock Exchange following the completion of its reverse merger with Taaza International.

The transaction, which received approval from the National Company Law Tribunal (NCLT), Hyderabad Bench, alters the corporate identity and core business operations of the listed entity to focus on the commercial electric vehicle (EV) market.

The listing coincides with the development of the company's INR 3 billion electric bus manufacturing project in Telangana. The facility, situated in Jadcherla, is being established to support the assembly and production of commercial EV platforms, including the upcoming rollout of the Urbanova KE9, a 9-metre electric bus platform that has secured Central Motor Vehicles Rules (CMVR) Type Approval certification.

To support its engineering requirements, Keto Motors has formed a technical association with Taiwan-based TRON Energy Technology. The collaboration provides the manufacturer with access to powertrain solutions, battery systems and chassis engineering technologies for its vehicle line-up. The company is targeting demand from State Transport Undertakings (STUs), institutional fleet operators, and urban transit networks.

Venkatesh Challa, Director, Keto Motors, said, “Our BSE debut marks an important milestone in Keto Motors’ journey as we continue building a scalable electric commercial mobility business in India. This development strengthens our ability to expand manufacturing capabilities, accelerate product innovation, and support the growing adoption of sustainable transportation solutions across the country. We believe India’s commercial EV sector is entering a transformative phase, and Keto Motors is well-positioned to contribute meaningfully to this transition.”

“To all our shareholders, I would like to convey that this journey is not only about business growth, but also about contributing to India’s progress. We remain committed to building cutting-edge technology, world-class manufacturing capabilities, generating employment, and advancing sustainable mobility solutions that can play a meaningful role in the country’s growth story,” added Challa.

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