Dana to invest USD 18 million in Switch Mobility for 1{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} stake, Auto News, ET Auto

New Delhi: Switch Mobility Ltd, the electrified business motor vehicles enterprise and subsidiary of Ashok Leyland Ltd, Indian flagship of the Hinduja Group, on Friday announced a strategic arrangement with Dana Integrated (Dana), the worldwide leader in drivetrain and e-propulsion systems, to make a minority financial investment in Switch.

Below the conditions of the arrangement, Dana will make a strategic financial investment in Switch Mobility and will also be a desired provider of electrical drivetrain components for the company’s e-bus and EV stakeinverters, program and controls, and electronics cooling, the British isles-based mostly Switch Mobility stated in a launch.

In accordance to Dheeraj Hinduja, chairman of Switch Mobility, with this arrangement Dana not only gets to be an significant provider to Switch but will also devote USD 18 million in the enterprise, representing an approximate 1{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} stake.

“Dana has a extensive-standing marriage with Ashok Leyland. This now extends to Switch Mobility and we are content to have Dana devote in the enterprise. The financial investment exemplifies the self-assurance put by Dana in Switch and will assistance to improve the marriage even more. At Switch Mobility, we have ambitious options to direct zero carbon mobility globally by way of positioning impressive products and remedies with best in class TCO. I consider the partnership with Dana will speed up the approach, setting up on our sturdy marriage of numerous a long time,” Hinduja additional.

Switch Mobility combines the electrical business automobile functions of Ashok Leyland in India and Optare in the British isles to safe a foremost worldwide posture in internet zero carbon buses and mild business motor vehicles. In 2014, Switch released the initial British developed, pure electrical buses to the London roads and considering that then has set 280 EVs on the highway, clocking up about 26 million electrical miles in formulated and establishing marketplaces.

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Ashok Leyland has earlier invested USD 130 million in British isles-based mostly firm Switch Mobility whose main business is upcoming-technology electrical bus and mild business motor vehicles.