TIDMSED
RNS Number : 4325T
Saietta Group PLC
20 March 2023
20 March 2023
Saietta Group plc
("Saietta", "the Company" or "the Group")
Corporate Update
Saietta Unveils Partner in Asian Light-duty Supply Chain
Saietta Group Plc (AIM: SED), the multi-national business which
designs, engineers and manufactures complete light-duty and
heavy-duty eDrive systems for electric vehicles, today provides
further detail regarding its eDrive system supply chain that has
been established to support its first set of commercial agreements
with one of the largest OEMs in the Indian light-duty mobility
market.
Highlights
-- Indian automotive powertrain powerhouse AVTEC confirmed as part of eDrive supply chain
-- Established capabilities in transmission design and
manufacture in India to be combined with Saietta's electric motors
and inverters
-- Reflects Saietta's Indian lightweight eMobility strategy of
engineering eDrive solutions in the UK to be 'Made in India' with a
largely Indian supply chain
-- The eDrives are optimised for light-duty applications
including scooters, motorbikes, rickshaws and urban delivery
vehicles
-- Saietta and AVTEC have stated their desire to jointly promote
complete eDrive solutions to additional automotive customers in
India and beyond
As announced on 7 March 2023, the supply chain for Saietta's
complete eDrive system is now ready to support its first set of
commercial agreements which has been secured with one of the
largest OEMs in the Indian light-duty mobility market, with
production on track to commence in Q3 '23.
The supply chain involves agreements with major tier-1 companies
in the region for the key components including the gear box and
power electronics. This includes a master supply agreement with
AVTEC Limited, one of the largest independent manufacturers of
powertrain and precision-engineered products in India.
The relationship brings together AVTEC's transmissions with
Saietta's motors and inverters, both to be made in India, to
deliver class-leading eDrives for 3- and 4-wheel lightweight
vehicles. In addition to the master supply agreement there is a
common desire for both, Saietta and AVTEC to not only supply the
initial confirmed OEM customer but also jointly promote the
combined eDrive technology to other existing and prospective
clients, tailoring the core eDrive design to meet the precise
requirements of additional individual OEMs in India and beyond.
Over the course of the initial five years of the master supply
contract, Saietta and AVTEC will have the capability to produce a
minimum of 150,000 complete eDrive units for customers globally.
80,000 units are already reserved for the confirmed launch OEM in
India.
Saietta VNA, a joint venture in India with Padmini VNA, will
produce the electric motors and inverters in its Indian
manufacturing plant and combine these with transmissions from AVTEC
manufactured at its plant in India.
The eDrives are engineered specifically for the rapidly growing
lightweight eMobility market in India which registered than 1
million vehicles last year (up 200 per cent. compared to 2021).[1]
Designed in the UK, they will be made in India.
Tony Gott, Executive Chairman of Saietta, said:
"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.
"Saietta's collaboration with AVTEC is significant for our
strategy in India. Working in partnership with AVTEC, we will
benefit from their transmission expertise whilst we focus on our
core competencies of motor and inverter development to ensure that
together we deliver high quality eDrive solutions to our customers
in India and beyond."
Neeraj Jain, MD & CEO of AVTEC Limited, commented:
"We are delighted to join hands with Saietta to develop and
supply end-to-end eDrive solutions to customers.
"This is a unique proposition that has been forged at an
opportune time, as the EV space continues to grow exponentially
facilitated by favourable government policies and incentives. We
are evermore prepared to provide an exceptional product range and
are confident to play a paramount role in this transition, creating
a sustainable revolution of EV mobility in India.
"This partnership will undoubtedly bring positive results and
help us mutually to expand our portfolio and tap into emerging
trends in the EV industry."
-ENDS-
For any further enquiries, please contact:
Saietta Group via FTI
Tony Gott, Executive Chairman
Wicher (Vic) Kist, Group Chief Executive
Officer
Steven Harrison, Group Chief Financial
Officer
Canaccord Genuity (Nomad and Broker) Tel: +44 (0) 207 523
Henry Fitzgerald-O'Connor 8000
Patrick Dolaghan
FTI Consulting (Financial PR advisor) Tel: +44 (0) 20 3727
Ben Brewerton 1000
Dhruv Soni saietta@fticonsulting.com
About Saietta
Listed on the London Stock Exchange's AIM, Saietta is a
multi-national business which designs, engineers and manufactures
complete electric drive (eDrive) solutions for use in lightweight
vehicles including scooters, motorbikes, rickshaws and urban
delivery vehicles.
Saietta's breakthrough electric motor technologies include
proprietary AFT (Axial Flux Technology) and RFT (Radial Flux
Technology) which can be combined with in-house power electronics,
powertrain controls, mechanical axles, and transmissions.
Developing tailored electric powertrain solutions to deliver
competitive advantage, Saietta's turnkey engineering services are
designed to fast-track electric vehicle development from concept to
start of production. For more information, visit
https://www.saietta.com/
About AVTEC
AVTEC is one of the largest independent manufacturers of
powertrain and precision-engineered products in India. It is a part
of CK Birla Group - a leading global business house, with over
25,000 employees and a combined turnover of US $2.8 billion.
With years of experience in manufacturing, AVTEC delivers
competency across the entire value chain of design &
manufacture of engines; transmissions and high precision components
for Automotive, Off-Highway, Defence, Agriculture and Railway
industry, in areas of both proprietary products and contract
manufacturing.
For more information, visit https://www.avtec.in/
[1] EVReporter.com, Electric Vehicles India 2022 Report
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END
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