(Alliance News) - Saietta Group PLC on Wednesday said that it has signed a deal for a third vehicle line with an existing client in the Indian light-duty mobility market.
Saietta is a Bicester, England-based engineering firm. Company shares were up 26% at 45.44 pence each in London on Wednesday morning.
In December, Saietta first announced through its joint venture in India, Saietta VNA, the first set of agreements with an unnamed global original equipment manufacturer for lightweight electric vehicles in India.
In March, the firm then confirmed that it was confident that mass production in India for the first two vehicle platforms would start this year, with a minimum volume target of 80,000 eDrives over a five-year period.
On Wednesday, Saietta told investors it has signed for a third product line with the same company.
Subject to entering formal production orders, the parties expect an initial volume of 60,000 units over a 5-year period.
This third product line will feature the company's radial flux technology, mated to a new Saietta controller and gearbox.
"This is an exciting time for Saietta. It is the culmination of many years of hard work to develop deep insight into the Indian lightweight mobility sector and to then engineer a range of complete, modular eDrive solutions specifically for it - designed in the UK to 'Make in India' with a largely Indian supply chain," said Interim Chief Executive Officer Tony Gott.
"This new agreement from our major Indian OEM customer for a third product line is further validation that our product and service offering is highly valued."
By Holly Beveridge, Alliance News reporter
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