A year ago, Saietta Group plc of Upper Heyford, UK was fully engaged in making electric powertrain components for two-wheelers and microcars. It had a partner in India and was experiencing sales success with revenues of GBP795,000 for the six months between the end of March and the end of September – up from GBP56,000 in the first half of 2020. In July, the company went public and managed to raise gross proceeds of GBP37.5m by listing on the AIM.1 It appeared to be entirely committed to the massive market for lightweight two-, three- and four-wheeled electric vehicles in Asia.
Then, in November of 2021, Saietta made an unexpected move. It acquired e-Traction Europe BV – now Saietta Europe BV – from the ‘new energy vehicle’ subsidiary of Chinese property giant Evergrande.
Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.