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Switch Mobility plans new plant in India, more products for global markets2 hrs ago
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Built with an investment of INR 250 crore, the facility has 6 fully automated assembly lines and testing labs with an installed capacity of 1.5 GWh and will cater energy storage systems for India’s electric vehicle market and grid-based applications, the company said.
Initially, model years from mid-2023 will be equipped with the new BorgWarner BMS technology, which will optimize battery pack performance, safety and life span, the company said.
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With the strong momentum from Q4, a fundamentally sound economy, high truck utilisation, and freight rates, the commercial vehicle industry is poised to have a breakout year and showcase a stellar growth between 23% and 34% in FY23.
The deal is likely to be announced by the end of May or early June, people aware of the matter said, asking not to be named. They also did not reveal any likely financial terms or how the Motherson Group will fund the deal.
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