L&T Technology Services Wins USD45 Million EV Deal from U.S. Auto Tier 1
L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global pure-play engineering services company, announced that it has been awarded a deal worth USD45 million from a U.S. based automotive Tier 1 company, to be its strategic engineering partner and provide engineering services for its Electric Vehicle (EV) product portfolio.
Under the terms of the 5-year agreement, LTTS will work with the customer to deliver solutions leveraging its e-mobility technology competence. Notably, this will be delivered from LTTS' ER&D center in Krakow, Poland.
LTTS plans to have over 300 engineers working from its Krakow, Poland center in the next 3 years, marking its expansion into Eastern Europe.
Amit Chadha, CEO & Managing Director, L&T Technology Services said, "We have been investing in Electric, Autonomous and Connected Vehicle (EACV) as part of our 6 big bets and our engineers have developed several new scalable e-mobility solutions that can accelerate global automotive players' EV development journey.
This landmark deal reinforce that our strategic investment is paying off and establishes LTTS' dominant position in the EACV landscape. The Krakow R&D center will serve as a nearshore center to Western European and North American clientele across verticals."
Over the past year, LTTS has been recognized for its proficiency in the EACV space by global analysts. LTTS has been recognized as a Leader in Everest Group's Autonomous, Connected, Electric & Shared Mobility Automotive Engineering study. Zinnov Zones ER&D Services Report rated LTTS as a Leader in Telematics and ADAS as well as an overall Leader in the Automotive vertical. ISG Group also rated LTTS as a Leader in Smart Manufacturing Services for Automotive domain.
About L&T Technology Services Ltd
L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world's top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 20,100 employees spread across 17 global design centers, 28 global sales offices and 79 innovation labs as of December 31, 2021. For more information please visit https://www.ltts.com/
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