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Truckmaker Ashok Leyland Wants Investors For EV Arm: BL

Switch Mobility is looking for strategic and financial investors, the report said, quoting Ashok Leyland’s chief financial officer


Switch Mobility
One of the electric buses produced by UK firm Optare, which was taken over by Ashok Leyland in April and renamed Switch Mobility. Ashok and Switch see the EV market booming in coming years and plan to sell electric buses and vans in many Western markets. Photo: Ashok/Switch.

 

India’s leading truck and bus maker Ashok Leyland is scouting for investors for electric vehicle arm Switch Mobility, The Hindu Business Line reported on Tuesday.

The management at Switch Mobility is looking for both strategic and financial investors, the Line reported, quoting Gopal Mahadevan, the chief financial officer at Ashok Leyland.

UK-based drivetrain and e-propulsion system supplier Dana invested $18 million in Switch Mobility in July, the report said.

Read the full report: The Hindu Business Line.

 

 

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Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.

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