Switch Mobility has signed an agreement with Dana under which the latter will also be a preferred supplier of electric drivetrain components for its e-bus and EV commercial vehicle offering
Electric commercial vehicles arm of Ashok Leyland, Switch Mobility, on Friday said Dana Incorporated (Dana), a global leader in drivetrain and e-propulsion systems, has picked up 1 per cent stake in it for $18 million (£12.87 million).
Switch Mobility has signed a strategic agreement with Dana under which the latter will also be a preferred supplier of electric drivetrain components for its e-bus and EV commercial vehicle offering, including e-axles, gearboxes, motors, inverters, software and controls, and electronics cooling, the company said in a statement.
With this agreement Dana not only becomes an important supplier to Switch but will also invest $18 million in the company, representing an approximate 1 per cent stake, Switch Mobility Chairman Dheeraj Hinduja said.
Dana has a long-standing relationship with Ashok Leyland, he said adding this now extends to Switch Mobility and we are happy to have Dana invest in the company.
The investment exemplifies the confidence placed by Dana in Switch and will help to strengthen the relationship further. At Switch Mobility, we have ambitious plans to lead zero carbon mobility globally through positioning innovative products and solutions with best in class TCO (total cost of ownership), Hinduja added.
Switch Mobility was formed by combining the electrical commercial vehicle operations of Ashok Leyland in India and Optare in the UK to secure a leading global position in net zero carbon buses and light commercial vehicles.
Hinduja group flagship firm Ashok Leyland announced on Wednesday that it would invest up to $200 million (£143.03 million) on its electric vehicles journey through its UK-based arm Switch Mobility in the next few years.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.