Under the terms of the agreement, Dana will make a 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, commented, “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 USD 18 mn in the company, representing an approximate 1% stake.
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. 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 UK to secure a leading global position in net zero carbon buses and light commercial vehicles.
On Friday early morning trade, Ashok Leyland was trading at Rs128.70 per piece higher by 2.75% on Sensex.