L&T Technology Services Wins USD45 Million EV Deal from U.S. Auto Tier 1

Rhea-AI Summary

L&T Technology Services Limited has secured a USD45 million contract from a U.S.-based automotive Tier 1 company for engineering services related to its Electric Vehicle (EV) product line. This 5-year agreement will utilize LTTS's e-mobility technology from a new R&D center in Krakow, Poland, which is expected to employ over 300 engineers within three years. The initiative strengthens LTTS's presence in Eastern Europe and cements its position in the Electric, Autonomous and Connected Vehicle (EACV) market.

Positive

• Secured a USD45 million contract, enhancing revenue.
• Establishment of a new R&D center in Krakow, Poland to support growth.
• Plan to employ over 300 engineers in three years, indicating expansion.
• Recognition as a leader in the EACV market by global analysts.

Negative

• None.

Engineering R&D Center to be setup in Krakow, Poland to service global customers

BENGALURU, India--(BUSINESS WIRE)-- 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 reinforces 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/

View source version on businesswire.com: https://www.businesswire.com/news/home/20220118005868/en/

Sayanti Chakraborty

L&T Technology Services Limited

E: Sayanti.Chakraborty@LTTS.com

T: +91-80-67675168



Aniruddha Basu

L&T Technology Services Limited

E: Aniruddha.Basu@LTTS.com

T: +91-80-67675707

Source: L&T Technology Services Limited

FAQ

What is the value of the contract won by L&T Technology Services Limited?

L&T Technology Services Limited has secured a contract worth USD45 million.

What location will L&T's new R&D center be established?

The new R&D center will be established in Krakow, Poland.

How many engineers does L&T plan to employ at the Krakow center?

L&T Technology Services plans to employ over 300 engineers at the Krakow center in the next three years.

What is the duration of the contract secured by L&T Technology Services?

The duration of the contract is five years.

Who is the strategic partner for L&T in the new contract?

The strategic partner for L&T is a U.S.-based automotive Tier 1 company.