CEO Mahesh Babu also said the market has matured in terms of pricing strategy, allowing serious players to make long-term plans.
18 Jan 2025 | 5087 Views | By Shahkar Abidi
At Bharat Mobility Global Expo 2025, Switch Mobility unveiled its latest electric vehicle, the IeV8, and said it aims to double its size in terms of volumes and revenues every year for the next three years.
“Every year we will double for the next three years. We will do ...
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At Bharat Mobility Global Expo 2025, Switch Mobility unveiled its latest electric vehicle, the IeV8, and said it aims to double its size in terms of volumes and revenues every year for the next three years.
“Every year we will double for the next three years. We will do it both in volumes as well as revenue," said Mahesh Babu, the company’s CEO. The plan comes as India’s electric vehicle (EV) sector enjoys unprecedented momentum, thanks to substantial government support and a rapidly stabilizing market.
Policies such as the PM E-Bus Sewa and PM E-Drive schemes are providing much-needed financial and operational impetus, enabling state transport undertakings to explore the economic viability of EVs over traditional diesel models. “The push from the government is helping significantly,” Babu remarked. “Most transport undertakings have experimented and found the viability gap to be much lower in EVs compared to diesel.”
A market ready for expansion
The numbers appear to back up this optimism. Switch Mobility already has 1,900 confirmed orders and is actively participating in new tenders. The PM E-Bus Sewa scheme, launched in August 2023, aims to deploy 10,000 electric buses via public-private partnerships, while the PM E-Drive initiative, with a budget of ₹10,900 crore, went live in October 2024 and will continue until March 2026. These initiatives, along with Prime Minister Narendra Modi’s vision for the adoption of over 30,000 electric buses in the next five years, have electrified the sector.
Babu noted that the market has matured in a key area: pricing. Early-stage aggression around cost competitiveness has given way to a more stable environment, where OEMs like Switch Mobility can plan for long-term growth with greater clarity. “There is clear visibility to it,” he added.
IeV8: A mid-mile logistics solution with global ambitions
The IeV8, Switch Mobility’s latest offering, targets mid-mile logistics in the 7.2-tonne category. Designed for applications such as e-commerce, FMCG distribution, bottling plants, and white goods, it responds to growing demand for vehicles in higher-capacity logistics segments. It’s a strategic move, especially as competition heats up in this sector, with several major players set to launch similar vehicles in the coming quarters.
While the primary market for the IeV8 is India, the vehicle is engineered with global aspirations. Babu revealed that the IeV8 will eventually be available in both right-hand and left-hand drive configurations, making it export-ready for regions like Australia, Europe, Southeast Asia, Africa, and the Middle East. “It will meet most of the export criteria,” he noted.