Switch Mobility announces minority investment by Dana
Jul 30, 2021
Leeds [UK], July 30, : Switch Mobility Ltd -- the electrified commercial vehicles company and subsidiary of Hinduja Group owned Ashok Leyland Ltd -- on Friday announced a strategic agreement with Dana Inc -- the global leader in drivetrain and e-propulsion systems -- to make a minority investment in Switch.
Dana will make the strategic investment in Switch Mobility and will also be a preferred supplier of electric drivetrain components for the company's e-bus and EV commercial vehicle offering -- including e-Axles, gearboxes, motors, inverters, software and controls, and electronics cooling.
Dheeraj Hinduja, Chairman of Switch Mobility, said Dana has a long-standing relationship with Ashok Leyland.
"This now extends to Switch Mobility and we are happy to have Dana invest in the company. With this agreement Dana not only becomes an important supplier to Switch but will also invest 18 million dollars in the company, representing one per cent stake."
Hinduja said the investment exemplifies the confidence placed by Dana in Switch and will help to strengthen the relationship further.
Switch Mobility has ambitious plans to lead zero-carbon mobility globally through positioning innovative products and solutions with a best-in-class total cost of ownership.
"I believe the partnership with Dana will accelerate the process, building on our strong relationship of many years."
Switch Mobility combines the electrical commercial vehicle operations of Ashok Leyland in India and Optare in the United Kingdom to secure a leading global position in net zero carbon buses and light commercial vehicles.
