REG - Saietta Group PLC - Saietta Unveils Light-duty Supply Chain Partner

SaiettaAnnouncement

20/03/2023 07:00

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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 8000

 Henry Fitzgerald-O'Connor

 Patrick Dolaghan

 FTI Consulting (Financial PR advisor)              Tel: +44 (0) 20 3727 1000

 Ben Brewerton                                      saietta@fticonsulting.com

 Dhruv Soni

 

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/ (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/ (https://www.avtec.in/)

 1  EVReporter.com, Electric Vehicles India 2022 Report

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