Ashok Leyland Limited (NSEI:ASHOKLEY) said on February 14, 2022 that it is planning to raise around $200-300 million to fund the expansion and technology investments in its electric vehicle arm Switch Mobility. "Electric Vehicle business is new for everyone. A lot of investment in technology is needed.

We are looking to raise initially around $200-300 million and after that, if we need to do a follow-up, we will do that," said Gopal Mahadevan, Chief Financial Officer and Whole-Time Director, Ashok Leyland. The company said it is in active discussions with investors for both Switch and for e-mobility as a service. In July 2021, US-based drivetrain-maker Dana had picked up a 1% stake in Switch for $18 million.