Fiem Industries informed that it has signed a memorandum of understanding (MoU) with Gogoro India, 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.
Fiem Industries is a tier-1 two-wheeler OEM supplier in India for automotive lighting, signaling equipments, rear view mirrors, plastic molded & sheet metal parts and bank angele sensors etc. FIEM's two-wheeler OEM customers include Honda Motorcycles and Scooters, TVS Motors, Yamaha, Suzuki Motorcycles, Harley Davidson and many others. FIEM supply its products in India as well as export to Japan, Thailand, Europe, USA and other countries.
The company's consolidated net profit rose 37.47% to Rs 31.92 crore on a 13.54% increase in sales to Rs 437.90 crore in Q3 FY23 over Q3 FY22.
The scrip declined 2.16% to currently trade at Rs 1558.80 on the BSE.
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