Saietta Group plc (LON: SED), the multi-national business which designs, engineers and manufactures complete electric drivetrain (eDrive) solutions for electric vehicles, has announced its full year results for the 12 months ended 31 March 2023 and provides an operational and financial update.
Since floating on the London Stock Exchange in July 2021, in 28 months Saietta has transformed from being just an axial flux technology (AFT) R&D company into a designer of a range of complete eDrive solutions for vehicle manufacturers, secured a major global OEM (original equipment manufacturer) as its launch customer for a range of their vehicle lines, established leading manufacturing facilities in both Sunderland and Delhi (through its JV partner Saietta VNA) and appointed high quality local supply chains.
The Company believes that it has reached its inflection point for its core business based on its proven AFT eDrives. The orders in place provide a firm launch pad and the Board is confident that it is now able to convert a significant proportion of its rapidly growing sales pipeline into firm commercial orders, thereby leveraging many months of development work and investment in its design and manufacturing capabilities.