Dana will invest USD 18 million in the company, representing an approximate 1 per cent stake
Hinduja Group’s commercial vehicle company Ashok Leyland’s UK-based electric arm Switch Mobility has entered into a strategic agreement with US-based automobile parts supplier Dana Incorporated, the companies annouonced in a joint statement.
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 will invest USD 18 million in the company, representing an approximate 1 per cent stake.
Dana is known to make drivetrain and e-propulsion systems. It also 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 percent 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.
James Kamsickas, Dana 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 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.