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Switch Mobility and Siemens partner to create a sustainable future through Green Mobility

Posted On: 2021-04-08 05:05:32 (Time Zone: Arizona, USA)


Switch Mobility Automotive Limited today joined hands with Siemens Limited, a global technology powerhouse known for their engineering excellence, innovation, quality and reliability over 170 years, to address the potential of the e-mobility market in India, driven by a strong commitment to support zero emission mobility through lowest Total Cost of Ownership.

Switch Mobility Automotive and Siemens have 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 commercial vehicle customers in India. To achieve this objective, Switch Mobility Ltd., will bring its strong electric commercial vehicle industry experience while Siemens will offer its proven flexible, high-efficiency and future-ready charging infrastructure technology with efficient & reliable medium-voltage grid connection solutions. Siemens' charging infrastructure management software solution would enhance the energy-efficient operations of the chargers.

Commenting on the partnership, Mr. Dheeraj Hinduja, Chairman, Switch Mobility Ltd said, "Switch Mobility has a strong pedigree in the commercial vehicle market in India and is ideally placed to promote our aspiration of zero carbon emission transportation. With our experience of over 230 Electric vehicles already in operation successfully in India and the U.K, we see immense growth opportunities for Switch's expansion in India, Europe and many Global markets. Our aspiration is to make Electric products more affordable through this offering, which is also shared by Siemens, renowned for their rich technological pedigree in innovative engineering solutions. We believe that a collaborative approach will accelerate the process. I am very excited with this collaboration which I strongly believe augurs well for the future of commercial e-mobility, in India."

Commenting on the partnership, Mr. Nitin Seth, Director, Switch Mobility, said "Our collaboration with Siemens will focus on key identified areas, which will be critical to propel ourselves as an industry, towards clean and sustainable mobility solutions. Our overarching objective is to achieve the lowest Total Cost of Ownership (TCO) and our endeavor with Siemens will focus on it to make eMobility a compelling solution for businesses and environment in India."

Mr. Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "Siemens is a global leader in E-Mobility solutions for commercial vehicles. We have been implementing projects for electric commercial vehicles across the globe. Together with Switch Mobility, we intend to implement high-quality techno-commercial solutions to address the needs of the growing E-mobility market 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 Private Ltd., the eMaas platform company to be formed as a subsidiary of Switch Mobility Automotive Limited.

Shares of ASHOK LEYLAND LTD. was last trading in BSE at Rs.122.8 as compared to the previous close of Rs. 116.75. The total number of shares traded during the day was 4109353 in over 25746 trades.

The stock hit an intraday high of Rs. 124.8 and intraday low of 117.5. The net turnover during the day was Rs. 503750166.


Source: Equity Bulls

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