Meritor Announces Investment in SEA Electric
Meritor, Inc. (NYSE: MTOR) announced an equity investment in SEA Electric Holdings Pty Ltd, a leader in commercial electric vehicles. This partnership aims to leverage Meritor's expertise in electrification for medium-duty markets. SEA Electric plans to deliver over 500 electric trucks this year, targeting over 15,000 on the road by 2023. The collaboration is expected to enhance global sales and strengthen the delivery segment for urban operations. Both companies express excitement over this strategic investment, marking a significant step toward sustainable transportation solutions.
- Meritor's investment supports growth in the electric commercial vehicle market.
- Collaboration with SEA Electric aligns with Meritor's electrification strategy.
- SEA Electric aims to deliver over 500 electric vehicles this year, indicating strong demand.
- None.
TROY, Mich., Aug. 3, 2021 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today announced an equity investment in SEA Electric Holdings Pty Ltd. ("SEA Electric"), a global leader in commercial electric vehicles for urban delivery and logistics.
With global headquarters in Los Angeles, SEA Electric currently partners with commercial vehicle OEMs, dealers, operators and upfitters to deliver a range of zero-emissions trucks with remote mount electrification solutions to the medium and heavy-duty (Class 3-8) commercial vehicle market.
"This collaboration with SEA Electric gives us another path to apply our expertise in electrification solutions for the medium-duty market," said Chris Villavarayan, CEO and president for Meritor.
"Meritor's investment will help us to accelerate global sales efforts and strengthen the delivery and distribution transportation segment for vehicles that operate in urban and metropolitan areas," said Tony Fairweather, president and founder, SEA Electric. "We are excited for Meritor to join us as a strategic investor and shareholder."
SEA Electric is on schedule to deliver more than 500 electric commercial vehicles this year and plans to have more than 15,000 vehicles on the road by the end of 2023.
About Meritor
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. With more than a 110-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Michigan, United States, and is made up of more than 8,600 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's website at www.meritor.com.
About SEA Electric
Global automotive technology company SEA Electric was founded in Australia in 2012, creating its proprietary electric power-system technology (known as SEA-Drive®) for the world's urban delivery and distribution fleets. Widely recognized as a market leader in the electrification of commercial vehicles on a global basis, SEA Electric commands a global presence, deploying product in seven countries including USA, Canada, Australia, New Zealand, Thailand, Indonesia and South Africa with collectively more than one million miles of independently OEM-tested and in-service international operation. The company's global sales, after-sales and engineering are represented in all subsidiaries, whilst North America has the largest upfitting capacity for SEA Electric at more than 60,000 units per annum. For more information about SEA Electric, visit the company's website at www.sea-electric.com.
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SOURCE Meritor, Inc.
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