(Alliance News) - Saietta Group PLC's shares surged on Monday after announcing it has received an order for 3,000 electric drive units from existing US customer AYRO Inc.

The Bicester, England-based engineering company, which specialises in electric vehicles, said the order is expected to be worth over GBP5.0 million, strengthening Saietta's revenue expectations for the financial year ending March 31 2024.

Shares in Saietta were up 47% at 63.92 pence in London on Monday morning.

Nasdaq-listed AYRO is a designer and manufacturer of urban delivery vehicles. Saietta said the 3,000 eDrive systems ordered by AYRO have been specially designed to be fitted to a new electric urban delivery vehicle, AYRO Vanish, which will be launched later this year. The deliveries will begin in the third quarter of 2023, and the final batch will be distributed at the end of 2024.

The company added that the eDrive units will be produced in Saietta's plant in Sunderland, England.

Saietta has been working with AYRO for the last year to design, engineer and test a bespoke eDrive for the new AYRO Vanish.

Chair Tony Gott said: "This contract with AYRO is a significant milestone for Saietta giving us further presence in the US market and confirming that there is clear demand for our products and services around the world in the fast-growing, final mile delivery vehicle sector.

"The order is further validation of our strategy to extend our product offer to encompass complete eDrive systems and focus on large-scale opportunities with original equipment manufacturers working with them to seamlessly integrate our bespoke solutions into their zero-emissions vehicles," he added.

By Sabrina Penty; Alliance News reporter

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