Atul Auto has entered into a Memorandum of Understanding (MoU) with Exponent Energy for commercial electric vehicles for manufacturing and supply of 15,000 electric three-wheelers integrated with Exponent’s battery system and powertrain during the period of three years [extendable by an additional grace period of six months] from the date of state transport authority approvals.

The Company shall manufacture and assemble the Exponent Enabled Vehicles with battery system and powertrain provided by Exponent pioneer in delivering 15-minute rapid charging and a battery life warranted for up to 2,00,000 kms. The Company shall be responsible for all vehicle-level manufacturing activities, including integration of the Exponent’s battery system and powertrain, quality control, end-of-line testing, and delivery of the fully built vehicles to Exponent.

The size of contract is Rs 490.50 crore (Including the cost of battery system and powertrain procured from Exponent). The Parties agreed to a total volume commitment of 15,000 Exponent Enabled Vehicles at a price of around Rs 3.27 lakh per vehicle (Exclusive of GST).

Atul Auto is a leading manufacturer of 3-Wheeled Commercial Vehicles in the state of Gujarat, presently engaged in the manufacturing of Three Wheelers like 6-seater Auto Rickshaws, Pick-Up Vans and Chassis of Passenger Vehicles.