JBM Auto, Olectra Greentech shares in focus amid reports of $1 billion India EV aid plan

The proposed move aims to reduce fossil fuel consumption in the commercial vehicle segment amid a deepening energy crisis.

What happened in early May?

Earlier this month, Prime Minister Narendra Modi on Sunday called for measures by citizens to overcome the challenges and to help the country, emphasising that the centre is trying to shield people from the adverse impact of the West Asian war.

Addressing a rally organised by Telangana BJP here, he suggested measures, including judicious use of petrol and diesel, using metro rail services in cities, carpooling, maximum use of EVs, utilising railway services to send parcels, and working from home to save foreign exchange.

Due to the war, petrol and fertiliser prices increased a lot, the PM said.

When there is pressure on the supply chain, difficulties increase despite various measures by the government to overcome the crisis, PM Modi said.

"That's why, during the global crisis, keeping the country above all else, we have to take resolutions," the PM said.

"We have developed work from home, virtual meetings, video conferencing, and many other methods during the coronavirus pandemic. We got habituated to it. The need of the hour is to resume those methods", the PM said.

Stressing the need to save foreign exchange due to the crisis, PM Modi called for postponing the purchase of gold and foreign visits for one year. "We have to save foreign exchange by any means," the PM said.

The PM also called for reducing the consumption of edible oil, reducing the use of chemical fertilisers, promoting natural farming, and swadeshi products to save foreign exchange and to make the country self-reliant.

About the companies

JBM Auto is among India’s leading electric bus manufacturers and has emerged as a key beneficiary of the government’s push toward clean public mobility. Through its subsidiary JBM Ecolife Mobility, the company supplies electric buses to several state transport undertakings and is aggressively expanding its EV ecosystem, including charging infrastructure and battery solutions.

Olectra Greentech is one of the pioneers in India’s electric bus segment and has supplied e-buses across multiple states under government-led public transport electrification programmes. Backed by strong order wins and a growing execution pipeline, the company remains a key player in the transition toward green mobility solutions in India.

Ashok Leyland, through its EV arm Switch Mobility, is also strengthening its presence in the electric commercial vehicle space, particularly electric buses. The company benefits from its strong legacy in the commercial vehicle segment and is increasingly focusing on zero-emission mobility solutions amid rising policy support for EV adoption.