MIC Electronics Limited has entered a preliminary Memorandum of Understanding (MOU) dated December 01, 2022 with M/s. Interactive Fully Electrical Vehicles S.r.l., a Company having its office situated at Strada Carignano, 50/1, La Loggia (To) - 10040, Italy, P.IVA 03395740040 represented by its Co-founder & President, Mr Pietro Perlo (hereinafter referred to as ("I-FEVS") to collaborate in the area of road mobility with the objective to exploit the I-FEVS patents related to Electric 2 and 3 wheelers, characterized by: 1) a novel approach to manufacture the frame and more in general the overall mechanical and electromechanical components including the suspension system, 2) A novel electrical propulsion system 3) an electrical electronic architecture studied for over the air firmware updates, for preventive maintenance, user(s) identification, energy management, energy harvesting through photovoltaic, situational awareness. 4) a specifically designed battery pack. The primary goal of this MOU is MIC to become the sole contract manufacturer / assembler for I-FEVS in India. In principle from a single component to a group of subsystems or the assembly of the overall 2 and 3 wheelers and Sales & Services in the Indian sub-continent.