RE: JV signed!27 Nov 2024 07:41
Yes, a fantastic RNS. We know that EVage is already a supplier of zero-emissions electric vans to global companies, including Amazon and Ikea. Could Tesla be next?!
Key points for me include:
1. DGI and EVage will respectively own 60% and 40% of the joint venture company.
2. DGI to provide the designs for a range of electric motors and licence the associated technology and related intellectual property to the JV.
3. EVage will lease premises to the JV in Chandigarh, Punjab, and oversee day to day manufacturing activities.
4. The JV will manufacture a range of electric motors for e-mobility customers, including EVage and third parties both in India and overseas.
5. DGI to charge the JV a licence fee for each electric motor sold to EVage or third-party customers within India.
6. The JV will also sell electric motors to DGI for sale into the international market.
7. Three initial ranges of Pareta motor are being developed by DGI for manufacture by the JV.
8. Projected production volumes of approximately 100,000 units over the first four years of production, of which c.32,500 units have been committed to by EVage under the terms of the JVA. The remaining units are internal estimates of projected demand from third-party customers.
12 months on from buying in to DGI and the TESLA guys are motoring (literally!). Fantastic news.