HINDUJA GROUP firm Ashok Leyland has renamed its UK subsidiary Optare as Switch Mobility as part of the plans to bring the entire electric vehicles (EV) initiatives under one entity.
The company plans to tap the growth opportunities in the global LCV and bus EV market, which will be worth $50 billion by 2030 with a growth rate of more than 25 per cent, through financial participation and strategic tie-ups.
“Optare is adopting a new identity and logo as Switch, which signals our strategic ambitions in electric and green mobility," said Ashok Leyland chairman Dheeraj Hinduja, while unveiling the new logo and name.
The company has recently delivered 30 electric, double-decker buses to Metroline in London, and is currently fulfilling orders for operators, including Tower Transit London and First York.
Optare is a leading player in electric buses in the UK with more than 150 of them currently operating successfully in the market. It was recently named OEM of the Year (bus/commercial vehicle) at the 2020 EVIEs Awards.
Vipin Sondhi, MD & CEO, Ashok Leyland, said: “Switch will be positioned to become the potential global arm of Ashok Leyland, focused on electric vehicles and green mobility solutions. It will enable us 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.”
Ashok Leyland's stake in Optare has been reduced to 91.63 per cent following the conversion of loans by Hinduja Automotive (UK) into equity shares.
Andrew C Palmer, chairman of Optare, said that the re-organisation will position Switch Mobility at the forefront of the commercial EV space which will benefit the entire organisation.
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