Shares of the Chennai-based industrial automobile maker – Ashok Leyland – rose as a lot as 10 per cent to hit an intraday excessive of Rs 137.45 after the corporate introduced that its subsidiary Switch Mobility, electrical bus and lightweight industrial automobile firm, has entered right into a strategic settlement with Dana, the worldwide chief in drivetrain and e-propulsion techniques. As a part of the settlement, Dana will make a strategic funding in Switch Mobility and also will be a most popular provider of electrical drivetrain elements for the corporate’s e-bus and EV industrial automobile providing, Ashok Leyland stated in a press launch.
Dana will provide e-Axles, gearboxes, motors, inverters, software program and controls, and electronics cooling tools to Switch Mobility.
“Dana has a long-standing relationship with Ashok Leyland. This now extends to Switch Mobility and we are happy to have Dana invest in the company. With this agreement Dana not only becomes an important supplier to Switch but will also invest $18 million in the company, representing an approximate 1 per cent stake. The investment exemplifies the confidence placed by Dana in Switch and will help to strengthen the relationship further,” stated, Dheeraj Hinduja, Chairman of Switch Mobility.
Switch Mobility is a next-generation electrical bus and lightweight industrial automobile firm with the mission to counterpoint lives via inexperienced mobility. A mature begin up, Switch was cast from the revolutionary EV parts of Ashok Leyland, the third largest bus and lightweight industrial automobile Original Equipment Manufacturer (OEM) on this planet.
As of 12:21 pm, Ashok Leyland shares traded 6.8 per cent increased at Rs 133.80, outperforming the Sensex which was up 0.2 per cent.