Saietta Group plc announced 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 Second Quarter 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. The order is for Saietta's proprietary, all-new Radial Flux Technology (RFT) motor, mated to a bespoke Saietta controller, transmission, axle and vehicle control unit. This is the first significant order for the Company's new RFT eDrive, validating the substantial commercial opportunity that this technology represents for Saietta.

This is the second order Saietta VNA has received in quick succession from the same Indian OEM. The first was announced on 27 September 2023 for an eDrive consisting of Saietta's proprietary Axial Flux Technology (AFT) motor with an integrated controller, transmission, axle and vehicle control unit. This means that Saietta VNA now has two eDrive product lines commencing production with a combined indication of minimum volumes of 100,000 units within the first 5 years of vehicle production.

Both eDrive solutions have been designed and developed at Saietta's Global Technical Centre in Silverstone, UK, and will be manufactured at Saietta VNA's all-new 33,000 sq-ft production facility in Delhi, India, utilising a largely local supply chain (see appendix for images of the Indian facility). Production has already commenced for the AFT eDrive and the RFT eDrive system is targeted to commence production in second quarter 2024. Vehicles powered by Saietta's AFT and RFT motors are expected to be on India's roads in the first half of 2024.