BusinessIndia

Dana to invest USD 18 mn in Switch Mobility

Chennai: Switch Mobility, the e-Commercial vehicles company and subsidiary of Ashok Leyland, today announced a strategic agreement with Dana Incorporated (Dana), the global leader in drivetrain and e-propulsion systems, to make a minority investment of USD 18 million 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 commercial vehicle offering,
including e-Axles, gearboxes, motors, inverters, software and controls, and electronics cooling.

Switch Mobility Chairman Dheeraj Hinduja said 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 one per cent stake.

The investment exemplifies the confidence placed by Dana in Switch and will help to strengthen the relationship further, according to a release.

 

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