Optare changing identity to Switch Mobility
Optare’s Indian parent company, Ashok Leyland, is changing the bus manufacturer’s name to Switch Mobility Ltd.
The change of moniker is to reflect the company’s drive towards electrification and new mobility services.
Dheeraj Hinduja, Chairman of Ashok Leyland, 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 Ltd.
“Optare is adopting a new identity and logo as Switch, which signals our strategic ambitions in Electric and Green Mobility” – Dheeraj Hinduja, Chairman of Ashok Leyland
“This strategy reflects the clear growth opportunities in the global LCV & Bus EV market, which is projected to grow at a Compounded Annual Growth Rate of more than 25% and to be worth in the region of $50bn 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, Managing Director & CEO, Ashok Leyland, said: “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.”
Dr. Andrew Palmer, Chairman of Optare, said: “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.”
The above is subject to obtaining necessary statutory approvals.