Leading US truck component supplier, Meritor has announced it has taken an equity investment in electric commercial vehicle start up SEA Electric.
Meritor, which made its name as a maker of heavy duty axles, brakes and drive components, is, like many companies in the automotive business, pivoting to service the burgeoning electric vehicle market with its range of electric powertrain solutions for commercial vehicles.
The new tie up with SEA Electric is clearly aimed at securing more market share for its electric drivetrains and technology.
SEA has already announced tie ups with Hino in the USA and also here in Australia and says it is on course to deliver 500 of its electric drivetrain trucks by the end of this year but is targeting a massive acceleration in volume and plans to deliver 15000 electric commercial vehicles by the end of 2023.
“This collaboration with SEA Electric gives us another path to apply our expertise in electrification solutions for the medium-duty market,” said CEO and president of Meritor, Chris Villavarayan.
SEA Electric’s president and founder, Tony Fairweather said, the company is excited to have Meritor join as a strategic investor and shareholder.
“Meritor’s investment will help us to accelerate global sales efforts and strengthen the delivery and distribution transportation segment for vehicles that operate in urban and metropolitan areas,” Fairweather said.