JBM Auto, Ashok Leyland shares in focus on report of $1 billion EV incentive plan

Shares of electric mobility and commercial vehicle players such as JBM Auto and Ashok Leyland remained in focus on May 20 after a Bloomberg report said the Indian government is weighing an incentive package worth nearly $1 billion to support adoption of electric buses and trucks.

JBM Auto shares were trading at ₹638.45, up 2.49% on the NSE in early trade, while Ashok Leyland shares traded around ₹150.50.

According to the Bloomberg report, India is considering financial incentives for private electric bus and truck operators as part of its broader strategy to accelerate clean mobility adoption and reduce dependence on fossil fuels.

The proposed package is expected to support deployment of electric commercial vehicles and related charging infrastructure, with a particular focus on buses and heavy-duty logistics fleets.

JBM Auto has emerged as a major player in India’s electric bus ecosystem through its electric mobility business, securing multiple deployment contracts across state transport undertakings and urban mobility projects.

Ashok Leyland, meanwhile, has been strengthening its EV portfolio through Switch Mobility and other electric commercial vehicle initiatives across buses and light commercial vehicle segments.

The report comes at a time when the government is increasingly focusing on electrification of public transportation and commercial fleets, sectors that require substantial capital investment and policy support to scale adoption.

Market participants believe any large-scale incentive programme for electric commercial vehicles could benefit manufacturers with established EV platforms, localisation capabilities and execution track record in fleet deployment.

JBM Auto has traded in a 52-week range of ₹477 to ₹790, while Ashok Leyland has moved between ₹114.96 and ₹215.42 during the same period.

Disclaimer: This article is for informational purposes only and should not be construed as investment advice.