Saietta Group plc (LON:SED), the multi-national business which designs, engineers and manufactures complete electric drivetrain (eDrive) solutions for electric vehicles, announces that its 49.5% owned Indian joint venture, Saietta VNA, has received an order for complete eDrives from its lead Indian client for a second of their light commercial vehicles.
The customer is a global OEM (Original Equipment Manufacturer) and one of the largest producers of light commercial vehicles (LCVs) in the Indian market. The purchase order is for approximately £106,000 of systems for the pilot production over the next c3 months. Target volumes indicated by the client, subject to further purchase orders, are expected to commence in Q2 2024 generating revenue for Saietta VNA of approximately £12.7 million in the first year of production, with an expected minimum of 60,000 orders over a 5 year period.