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PG Electroplast enters electric vehicle manufacturing for Spiro Mobility
Industry News- Nov 19,24
Spiro Mobility, which recently opened a Global Technology Office in Pune, India, is planning to develop green mobility solutions for the Indian market.
PG Electroplast, a leading provider of Electronic Manufacturing Services (EMS), has expanded into electric vehicle (EV) production by partnering with Africa's largest EV player, Spiro Mobility. Through its subsidiary PG Technoplast, the company will establish and manage manufacturing facilities for Spiro’s electric vehicles, lithium-ion batteries, and related components.
PG Technoplast will handle the setup, operation, and management of manufacturing facilities, including the procurement of parts and materials as specified by Spiro. This collaboration aims to strengthen the EV sector in emerging markets, with a focus on Africa, where Spiro Mobility manufactures electric motorbikes requiring battery swapping.
Spiro Mobility, which recently opened a Global Technology Office in Pune, India, is planning to develop green mobility solutions for the Indian market. Vishal Gupta, Managing Director-Finance, PG Electroplast, stated that this new venture in EV and battery manufacturing presents significant growth opportunities for the company.
Kaushik Burman, CEO, Spiro, expressed optimism about the partnership, saying it would bring "mutual success" and help expand the EV space in emerging markets.
PG Electroplast has seen significant growth in 2024, with its stock price rising by 162% this year. The company operates multiple manufacturing units across India and produces a wide range of products, including consumer durables, air conditioners, and washing machines.
For FY25, PG Electroplast has forecasted a revenue growth of 54.7% to reach Rs 42.5 billion, with a net profit estimate of Rs 2.5 billion, marking an 82.5% increase. The company is also planning capital expenditures of Rs 3.5-3.8 billion for the year.
(Moneycontrol)
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