US firm takes £13m stake in electric vehicle subsidiary
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Dana Incorporated, which supplies drivetrain and electrified propulsion systems for passenger vehicles, has bought an $18m/£12.9m minority stake in Leeds-based Switch Mobility, an electrified commercial vehicles firm and subsidiary of Ashok Leyland.
Dana, an Ohio-headquartered New York Stock Exchange listed business, says it has not only made this strategic investment in Switch Mobility but also become a preferred supplier of electric drivetrain components for its e-bus and EV commercial vehicle offering.
It will provide Switch Mobility with e-Axles, gearboxes, motors, inverters, software and controls, and electronics cooling.
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.”
Dheeraj Hinduja, chairman of Switch Mobility, added: “Dana has over a century of proven track record of leading transformative vehicle technologies.
“In Switch Mobility, we have an ambitious plan to be leading the zero-carbon mobility globally through positioning innovative products and solutions with best-in-class TCO.
“I believe the co-operation with Dana will accelerate the process, building on our strong relationship of many years.
“Through the synergy between us and with our shared aspirations, I am confident we will enhance our product offerings significantly and extend our market footprints in many new geographies.”
Switch Mobility is a next-generation electric bus and light commercial vehicle company.
It was originally forged from the innovative EV elements of commercial vehicle producer Ashok Leyland, and Optare, a UK bus manufacturer with over a century of expertise in using the latest technologies in bus design.
In 2014, Switch introduced the first British built, pure electric buses to London’s roads.
Dana’s solutions support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.
The company reported sales of $7.1bn/£5bn in 2020 with 38,000 associates in 33 countries across six continents.