Dana to invest USD 18 million in Switch Mobility for 1% stake
New Delhi: Switch Mobility Ltd, the electrified commercial vehicles company and subsidiary of Ashok Leyland Ltd, Indian flagship of the Hinduja Group, on Friday announced a strategic agreement with Dana Incorporated (Dana), the global leader in drivetrain and e-propulsion systems, to make a minority investment in Switch.
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 stakeinverters, software and controls, and electronics cooling, the UK-based Switch Mobility said in a release.
According to Dheeraj Hinduja, chairman of Switch Mobility, with this agreement Dana not only becomes an important supplier to Switch but will also invest USD 18 million in the company, representing an approximate 1% stake.
“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. 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,” Hinduja added.
Switch Mobility combines 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. In 2014, Switch introduced the first British built, pure electric buses to the London roads and since then has put 280 EVs on the road, clocking up over 26 million electric miles in developed and developing markets.