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Saietta shares gain as it inaugurates eDrive plant in India

11:16, 11th December 2023
Victor Parker
Vox Newswire
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Specialist eDrive developer Saietta (SEDFollow | SED announced that its joint venture in India with Padmini VNA Mechatronics is now producing Saietta's AFT eDrives for the Indian market.

The all-new 33,000 sq ft production facility in Manesar, India is now fully operational and producing Saietta's AFT eDrive. The RFT eDrive system is targeted to commence production in Q2 2024, utilising a mostly local supply chain. Both eDrive solutions are designed and developed at Saietta's Global Technical Centre in Silverstone, UK.

Pradumna Walimbe, CEO of Saietta VNA welcomed Tony Gott, Executive Chair of Saietta Group, and Kabir Bhandari, Founder & Managing Director of Padmini VNA Mechatronics as the business heads of the Saietta VNA joint venture in India, to inaugurate the new plant.

"This facility is a testament of our commitment to India's transition to sustainable mobility and 'Make in India' strategy. Vehicles powered by Saietta's AFT and RFT motors are expected to be on India's roads in the first half of 2024." Saietta said in a statement.

Saietta has already signed several flagship contracts in India with one of the country's largest EV manufacturers across multiple platforms, estimated to deliver year-one revenues of £24m. There are 2 further platform solutions in the pipeline with the same OEM. Saietta is also in negotiations with a second OEM, targeting sales of 800,000 units over 5 years for 2-wheeled vehicles.

Elsewhere, Saietta is actively engaged in discussions with two potential partners to take-on the industrialisation and commercialisation of its marine division, Propel, which could see it receive ongoing revenue and royalties from product sales, as well as technology transfer fees.

These blue chip clients validate Saietta's credentials as a top-tier supplier in one of the world's largest EV markets, which suggests other major OEMs might also come knocking on its door soon.

SED shares jumped 5.60% on today's announcement.

Stock Chart | SED

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