Electric Buses

http://www.optare.com/ Optare was recently renamed as Switch Mobility.They manufacture Electric Buses based out of Sheffield. Industry Key Metrics:

  • All the current competitors in this space such as Arrival UK, Volta Sweden, REE Israel are all startups

  • Their vehicles are not into production yet,they will be rolled out 18 months to 24 months later

  • Arrival UK is being valued at $4Bn without a vehicle being commercially produced

  • Entire Automotive Industry is shifting towards Electric Mobility, in passenger car segment there are too many players whereas in commercial vehicles there only a dozen well established players in which Ashok Leyland & Switch Mobility are leading players

Switch Mobility Key Strengths:

  • Whereas Switch Mobility has already sold 120 vehicles from their plant in Sheffield

  • Electric Buses from Switch Mobility already being supplied to key customers such as Transport for London (TDL) & RTA Dubai and many local County Governments in UK

  • It is owned by parent Ashok Leyland Limited which is listed on Bombay Stock Exchange having a market cap of $4.6Bn with sales of over $3Bn in 2020

  • Ashok Leyland is majority owned by London based Hinduja Family

  • Top notch Global Corporate Governance adhered to at Hinduja Group

  • Switch Mobility based out of Sheffield has a highly seasoned and decorated Board & management with the likes of Ex Aston Martin CEO Mr.Andy Palmer who is now Chairman of Switch Mobility / Optare

SPAC , EV & Exit

  • Switch Mobility very well placed for a SPAC Listing in the US in late 2021 or in 2022

  • Switch Mobility has received a term sheet at $1.3Bn Valuation, so this is certainly lower for a company which is already producing vehicles

  • Any Investor coming in now will make fruitful exit with the SPAC listing being planned

Capital Currently Being Raised

  • $100 Mn to $500Mn

https://news.sky.com/story/hindujas-join-spac-boom-with-float-of-2bn-electric-bus-maker-switch-12230402 https://www.route-one.net/vehicles/optare-to-become-switch-mobility-with-global-aspirations/