Chennai-based commercial vehicle manufacturer Ashok Leyland on Tuesday informed BSE in a regulatory filing that its subsidiary Switch Mobility has acquired electric vehicle manufacturer Switch Mobility Automotive (SMA). In view of the same, SMA has become a step-down subsidiary of the company. In the filing, Ashok Leyland informed Switch Mobility UK, a company subsidiary, acquired the entire shareholding in SMA on June 14, 2021. SMA is incorporated on December 28, 2020, to carry on manufacturing and selling electric automobiles. Last year, the commercial vehicle manufacturer changed the name of its majority-owned UK subsidiary Optare Group to Switch Mobility as part of its drive to electrification and new mobility services. The company wants to tap the growing opportunities for the company in the global LCV and e-bus market, which is projected to grow at 25% CAGR with a market size of USD 50 billion by 2030.