Ashok Leyland Ltd has announced that its majority-owned United Kingdom subsidiary Optare Group Ltd (Optare) has been renamed Switch Mobility Ltd (Switch).
India’s second largest commercial vehicle manufacturer and flagship company of the Hinduja Group said the decision has been taken as part of its drive towards electrification and new mobility services.
It said this strategy reflects growth opportunities in the global LCV and Bus EV market, which is expected to grow at a Compounded Annual Growth Rate (CAGR) of more than 25 per cent and to be worth in the region of $ 50 billion by 2030.
“To capture part of that market, we are considering EV initiatives through Switch that could include financial participation and strategic tie-ups,” added the company.
According to Vipin Sondhi, MD and Chief Executive Officer, Ashok Leyland Ltd, “Ashok Leyland is a pioneer in delivering innovative commercial vehicles and mobility solutions. 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.”
Sondhi added this proposed step will enable Ashok Leyland to focus on the development of new electric vehicle platforms through Switch including next-generation Buses, PODs and E-LCVs and swiftly scale up the EV business.
Products & Service
Dr. Andrew C. Palmer, Chairman of Optare plc, statted: “Optare plc has a well-deserved reputation for class-leading products and customer service. 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 Ltd at the forefront of the commercial EV space, which should benefit the entire organisation.”
Switch will bank on the success of Optare in the United Kingdom, where it is a leading player in electric buses with more than 150 of them currently operating successfully in its home market.
Optare was recently named OEM of the Year (Bus/Commercial Vehicle) at the prestigious 2020 EVIEs Awards. Following the successful delivery of 30 Electric Double Decker buses to Metroline in London, the company is currently fulfilling orders for operators including Tower Transit, London and First York.
(With inputs from Automotive Lead Research Team)
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