Atul Auto inks ₹490.50 Crore MOU with Exponent Energy for 15,000 EVs
Atul Auto Limited signed an MOU with Exponent Energy to manufacture and supply 15,000 electric three-wheelers. The deal, valued at ₹490.50 Crore, includes Exponent's battery and powertrain. Each vehicle is priced at approximately ₹3.27 Lakhs. The collaboration aims to enhance Atul Auto's EV segment presence.
The order value of ₹490.50 Crore and the commitment to manufacture 15,000 units represent a substantial business development for Atul Auto, directly impacting its future revenue and market position in the EV segment.
The announcement details a significant new order and strategic partnership that is expected to boost the company's presence in the electric vehicle market and contribute substantially to its revenue.
Atul Auto Limited has announced a significant Memorandum of Understanding (MOU) with Exponent Energy Private Limited, a Bangalore-based company specializing in rapid charging technology for electric vehicles.
Under this agreement, Atul Auto will manufacture and supply 15,000 electric three-wheelers integrated with Exponent's battery system and powertrain. This collaboration is slated to span three years, with a potential extension of six months, commencing from the date of state transport authority approvals.
The total value of this order is estimated at ₹490.50 Crore, which includes the cost of the battery system and powertrain procured from Exponent. Each vehicle is priced at approximately ₹3.27 Lakhs (excluding GST). This partnership is expected to bolster Atul Auto's presence in the burgeoning electric vehicle market. The company will be responsible for all vehicle manufacturing activities, including the integration of Exponent's components, quality control, testing, and delivery.
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Atul Auto Limited filed this with the NSE as a statutory disclosure, categorised under new orders. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Atul Auto Limited. Read the original for the full detail.