US-based Dana to buy 1% stake in Ashok Leyland's EV venture Switch for $18-M

NYSE-listed, Maumee, OH (USA)-based Dana Inc, a drivetrain and e-propulsion systems company, is to pick up a stake of around 1% in Switch Mobility, the EV subsidiary of Ashok Leyland, for USD 18 million. Under the deal, Dana will also be a preferred supplier of electric drivetrain components for Switch's e-bus and EV commercial vehicle offering – including e-axles, gearboxes, motors, inverters, software and controls, and electronics cooling. Switch is also in talks with financial and strategic investors for funding, apart from the initial capital infusion from Ashok Leyland. The company combines the electrical commercial vehicle operations of Ashok Leyland in India and Optare in the UK.