Ashok Leyland subsidiary Switch Mobility gets $18m investment from Dana
Ashok Leyland said that its subsidiary — Switch Mobility Ltd, an electrified commercial vehicles company, has secured an investment of $18 million from Dana Incorporated, a US-based provider of drivetrain and electrified propulsion systems.
Dana Incorporated will get a minority stake in Switch Mobility. It will also become a preferred supplier of electric drivetrain components for Switch Mobility’s e-bus and EV commercial vehicle offering.
The EV commercial vehicle offering of the Ashok Leyland subsidiary includes e-Axles, gearboxes, inverters, motors, software and controls, as well as electronics cooling.
James Kamsickas — Dana Incorporated Chairman and CEO said: “Light commercial vehicles and buses continue to present significant opportunities as they lead the commercial-vehicle segment’s shift to fully electrified platforms.
“We are pleased to extend our relationships with our long-standing customers, Ashok Leyland and Switch Mobility, as they continue to grow and implement their next-generation, road-proven technology that will enable a direct, positive impact on delivering sustainable urban e-mobility.”
Switch Mobility combines Ashok Leyland’s electrical commercial vehicle operations in India and British bus manufacturer Optare in the UK for manufacturing net zero carbon buses and light commercial vehicles.
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 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.”