20th Mar 2023 14:07
Saietta Group PLC - Bicester, England-based engineering company specialising in electric vehicles - Announces that the Indian automotive powertrain powerhouse AVTEC will be its partner regarding its eDrive system supply chain. Says the partnership will support its commercial deals with an undisclosed customer, who is one of the largest original equipment manufacturers in the Indian light-duty mobility market. Additionally, says the partnership will promote complete eDrive solutions to further automotive customers in India and beyond. The eDrives are optimised for light-duty applications including scooters, motorbikes, rickshaws and urban delivery vehicles. Saietta says production is on track to start in the third quarter of 2023.
Executive Chair Tony Gott says: "When bringing any new technology to the mass market, it's critically important to work with supplier partners who have a proven track record of delivering at the required scale, on time, on cost and on quality. AVTEC undoubtedly ticks every one of those boxes."
The company says with AVTEC, they will have the capability to produce a minimum of 150,000 complete eDrive units for customers globally over the first five years of the supply contract.
Current stock price: 20.90 pence, down 2.8% on Monday afternoon in London
12-month change: down 88%
By Xindi Wei, Alliance News reporter
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