Fiem Industries Ltd signs MoU with Gogoro India Pvt Ltd to expand EV product portfolio

Fiem Industries Limited has signed one Memorandum of Understanding (MoU) with Gogoro India Pvt. Ltd. (A group company of Gogoro Taiwan) to expand its product portfolio in 2-Wheeler Electric Vehicles (EV) segment.

In addition to Lighting & Rear View Mirror business, Fiem Industries will manufacture Hub Motor Assembly, Electric Control Unit (ECU) and Motor Control Unit (MCU) for Gogoro.

In terms of MoU, Gogoro will provide the technical know-how and other support in setting-up manufacturing facility as well as production, quality and testing support for above new product line. The products will be supplied for selected Gogoro vehicle series to be launched in Indian market.

Fiem Industries is seeing a huge business potential in 2-Wheeler EV segment and looking to expand its product portfolio to cater this segment in addition to Automotive Lighting and Rear View Mirrors etc.

Shares of Fiem Industries Limited was last trading in BSE at Rs. 1593.15 as compared to the previous close of Rs. 1599.10. The total number of shares traded during the day was 1112 in over 298 trades.

The stock hit an intraday high of Rs. 1622.20 and intraday low of 1585.05. The net turnover during the day was Rs. 1791555.00.

Source : Equity Bulls

Keywords

FiemIndustries INE737H01014 MoU GogoroIndia Taiwan ProductPortfolio Expansion 2Wheeler ElectricVehicles