Comments
Switch Mobility, the electric vehicle arm of Ashok Leyland, announced a strategic agreement with US-based automobile parts supplier Dana Incorporated on Friday.
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.
Dana is a global leader in drivetrain and e-propulsion systems, supplies axles, driveshafts, transmissions, and electrodynamic, thermal, sealing, digital equipment for conventional, hybrid, and electric-powered vehicles.
“Dana has a long-standing relationship with Ashok Leyland. 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," Dheeraj Hinduja, Chairman of Switch Mobility, was quoted in a press release filed with the exchanges.
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.