Saietta Group PLC - Towcester, England-based designer, engineer and manufacturer of 'eDrive' solutions for electric vehicles - Saietta VNA, its 49.5%-owned Indian joint venture, receives second order for complete eDrives from an anonymous global original equipment manufacturer, "one of the largest producers of light commercial vehicles in the Indian market". The OEM has ordered around GBP106,000 of systems using Saietta's new radial flux technology motor for pilot production over approximately the next three months. Saietta expects the deal to generate around GBP12.7 million in revenue. It previously announced in September that the customer had ordered an eDrive consisting of Saietta's axial flux technology motor, for which production is underway. Saietta expects production of the RFT system to commence in the second quarter of 2024. Adds that it is in advanced discussions with key stakeholders regarding potential funding, as it hopes to "capitalise on the clear opportunity in the Indian lightweight vehicle market".
Current stock price: 23.39 pence, up 18% on Monday in London
12-month change: down 68%
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.