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December 21, 2024
Chennai / UK - Ashok Leyland Ltd of Chennai, a Hinduja Group has been renamed its UK subsidiary, Optare Plc of Shurton-in-Elmet to Switch Mobility.
Dheeraj Hinduja, chairman of Ashok Leyland Ltd said, “Optare is adopting a new identity and logo as Switch, which signals our strategic ambitions in electric and green mobility. Towards this, Ashok Leyland is examining various options to bring the entire EV initiatives of Ashok Leyland under Switch Mobility."
He further explained that, "This strategy reflects the clear growth opportunities in the global LCV and bus EV market, which is projected to grow at a compounded annual growth rate of more than 25 percent and to be worth in the region of $50 billion (Rs 370,050 crore) by 2030. To capture part of that market, we are considering EV initiatives through Switch that could include financial participation and strategic tie-ups."
Vipin Sondhi, MD and CEO, Ashok Leyland ltd. said, “With our proposed new structure, Switch will be positioned to become the potential global arm of Ashok Leyland focused on electric vehicles and green mobility solutions. This proposed step will enable Ashok Leyland to focus on the development of new electric vehicle platforms including next-generation buses, PODs and e-LCVs and swiftly scale up the EV business.”
Dr. Andrew C Palmer, chairman, Optare said, “The reorganisation of the Optare group both allows us to continue to serve customers with the portfolio of products we have today, whilst positioning Switch Mobility at the forefront of the commercial EV space, which should benefit the entire organisation.”
