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Ashok Leyland gains after Switch Mobility, Siemens partner for green mobility

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Ashok Leyland rose 1.55% to Rs 124.70 after Switch Mobility Automotive joined hands with Siemens, to address the potential of the e-mobility market in India.

Switch Mobility Automotive and Siemens entered into a Memorandum of Understanding (MoU) towards building a co-operative technological partnership in electric commercial mobility segment and execute eMobility projects in India. The MOU is aimed at delivering efficient, cost-effective and sustainable E-Mobility solutions to various commercialvehicle customers in India.

As part of the MoU, Siemens Financial Services (SFS), the financing arm of Siemens AG, will consider a minority investment in OHM Global Mobility, the eMaas platform company to be formed as a subsidiary of Switch Mobility Automotive.

Switch Mobility is a technology-focused bus and light commercial vehicle company using green mobility. Switch Mobility Automotive is forged from the EV capabilities of Ashok Leyland, the fourth largest bus and LCV OEM in the world, and Optare, the British bus company which uses the latest technologies in bus design. Switch Mobility Automotive is expanding its operations in Europe and driving growth in India and other parts of the world.

Siemens focuses on intelligent infrastructure for buildings and distributed energy systems and on automation and digitalization in the process, discrete & hybrid manufacturing industries.

Ashok Leyland's consolidated net profit tanked 32.9% to Rs 38.32 crore on a 15.2% surge in net sales to Rs 5,928.15 crore in Q3 December 2020 over Q3 December 2019.

Ashok Leyland, flagship of the Hinduja group, is among the largest manufacturer of commercial vehicles in India and also among the biggest manufacturers of buses and trucks globally.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, April 09 2021. 09:18 IST