Sumax Engineering Ltd. Share Price

Sumax Engineering

• Sumax Engineering is coming out with an initial public offering (IPO) of 52,87,200 shares in a price band of Rs 95 - 101 per equity share.
• The issue will open for subscription on August 25, 2026 and will close on August 28, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 10.10 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Prateek Nahata.

Profile of the company

Sumax Engineering is engaged in both the manufacturing and trading of a diverse range of products tailored for the Automotive OEM (Original Equipment Manufacturer) Market and Auto Refinish Market. Its manufacturing division specializes in producing high-quality adhesive tapes and die-cuts, rubbing and polishing compounds, buffing pads, reflective tapes and printing solutions, domes and graphics, as well as an extensive range of car care products. These offerings are designed to meet industry standards and provide reliable solutions for automotive applications.

In addition to manufacturing, its trading segment supplies a variety of essential products, including electrical and pneumatic tools, abrasive sheets, discs, and rolls, body shop consumables, retail products and accessories, and aerosol products. Through its all-inclusive portfolio, it aims to deliver innovative and high-performance solutions that cater to the evolving demands of both automotive manufacturers and the aftermarket industry. Further, it has ventured into a new product, namely Paint Protection Film (PPF), a transparent thermoplastic polyurethane film applied to the painted surfaces of vehicles. PPF is designed to protect the vehicle’s paint from stone chips, scratches, stains, minor abrasions and exposure to environmental elements, thereby helping maintain the vehicle’s exterior paint protection and surface finish. 

Its products adhere to both national and international quality standards and are widely used in the automotive industry and commercial applications. It offers customization options to meet the diverse requirements of its clients. Its manufacturing processes comply with ISO 9001:2015 and IATF 16949:2016 certifications, ensuring the highest quality, safety, and environmental standards. By utilizing premium-grade raw materials, it maintains consistency and reliability in its products. Each product undergoes a rigorous quality control and testing process before reaching the market, guaranteeing superior performance and compliance with industry standards. 

Proceed is being used for:

• Funding of capital expenditure towards construction of proposed manufacturing unit I at Plot No-E-185, RIICO IND Area Karoli Teh Tapukara, Rajasthan.
• Funding of capital expenditure towards construction of proposed manufacturing unit II at Plot No. P 32 Street No. B, Sector 11, Model Economic Township, Village - Nimana, Tehsil Badli, District - Jhajjar, State Haryana.
• Funding working capital requirements of the company.
• General corporate purposes.

Industry overview

India has become the fastest-growing economy in the world in recent years. This fast growth, coupled with rising incomes, a boost in infrastructure spending and increased manufacturing incentives, has accelerated the automobile industry. The two-wheeler segment, driven largely by the expanding middle class, continues to dominate the market, with sales reaching 19.6 million units in FY25. This surge in demand has also encouraged the expansion of original equipment and auto component manufacturers, helping India build strong expertise in this space and enhancing global demand for Indian vehicles and components. The industry is now witnessing a shift towards electrification, though internal combustion engine (ICE) vehicles continue to dominate. The auto component industry has become a vital segment of the economy, spanning large corporations to micro enterprises across manufacturing clusters nationwide. It accounted for 2.3% of India’s GDP in FY25 and provided direct employment to over 1.5 million people, a figure expected to rise as the sector’s GDP contribution reaches 5-7% by 2026. India’s auto-component industry is poised to reach $200 billion by 2030, supported by its cost competitiveness, skilled workforce, and growing domestic demand.

The sector is projected to achieve exports worth Rs 8,54,700 crore ($100 billion) by 2030, underscoring its global competitiveness. In FY25, exports stood at Rs 1,95,726 crore ($22.9 billion). North America remained the largest export destination with a 32% share, recording 8.4% growth, while Europe, with a 29.5% share, registered a 2.1% decline. Asia accounted for 26% of exports and witnessed robust growth of 15.1%. The key export items included drive transmission and steering, engine components, body and chassis parts, suspension systems, and braking components. India's auto component exports are projected to reach $70-100 billion by FY30, driven by rising demand for electric vehicle (EV) technologies and global supply chain diversification. Indian SMEs could capture $20-30 billion of this opportunity by leveraging cost advantages and high-quality standards.

India’s auto components industry has significantly expanded its market share, driven by rising automobile demand from the growing middle class and strong global exports. The sector has attracted both Indian and international players and is broadly classified into organised and unorganised segments. While the unorganised sector primarily caters to the aftermarket with low-value items, the organised sector focuses on supplying high-value precision instruments to Original Equipment Manufacturers (OEMs). India’s automobile production further highlights the scale of demand that supports the component industry. In FY26 (April-September), domestic sales stood at 1,02,36,639 units for two-wheelers, 20,51,082 units for passenger vehicles, 4,63,502 units for commercial vehicles, and 3,94,450 units for three-wheelers. In FY26 (April-September), the total production of Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers and Quadricycle was 1,65,34,997 units. In FY25, domestic OEM supplies accounted for about 54% of the industry’s turnover, followed by the domestic aftermarket at around 10% and exports at 19%. Supplies to OEMs stood at Rs 5,70,000 crore ($66.69 billion), reflecting a 10% YoY growth, while the aftermarket segment was valued at Rs 99,948 crore ($11.6 billion), recording a 6% increase over FY24. India's Automotive Mission Plan 2047 aims to boost vehicle production to 50 million by 2030 and 200 million by 2047, positioning India among the top two global auto producers. It prioritizes sustainable vehicle production with hydrogen, electric, CNG, and biogas, while not curbing petrol or diesel vehicles immediately.

Pros and strengths

Comprehensive product range: Its product portfolio has evolved in recent years as it has diversified into new categories of products to support its diverse base of customers. Its portfolio now encompasses a broad spectrum of industrial specialty adhesive tapes, it creates a range of tapes such as Automotive Masking Tape, PVC Fine Line Tape, Acrylic Foam Tape, Duct Tape, and more, designed to withstand tough conditions and help to streamline production. Rubbing and Polishing Compounds are vital for restoring a vehicle's finish. Rubbing Compounds remove deep scratches and imperfections, while Polishing Compounds smooth out fine marks, leaving a glossy, flawless surface. It also specializes in producing products to specific customer requirements and uses, such as rubbing and polishing compounds, car care products, polishing and buffing pads, reflective tapes, and printing domes and graphics. Through the provision of such a wide range of products, it is able to satisfy the diverse needs of various customer segments in sectors like automotive, where accuracy and quality are paramount.

Strong industry relationships: Strong industry relationships are fundamental to the company’s success in supplying automotive OEMs, where the highest standards of quality, precision, and reliability are required. By consistently meeting these demands, it reinforces its reputation for excellence in the automotive sector. Its long-term partnerships with OEMs enhance its credibility and foster trust, enabling close collaboration to address evolving market needs and drive innovation. Its adaptability to emerging technologies, such as electric vehicle components and advanced manufacturing processes, further strengthens these relationships. These collaborations create opportunities for joint ventures, shared research and development, and alignment with OEMs on sustainability initiatives. As a result, it positions itself as a trusted partner, delivering customized solutions with precision and ensuring on-time delivery - critical for the seamless operation of OEM production lines.

Advanced in-house processing facilities focused on cost competitiveness: Its production facilities are equipped with cutting-edge machinery and technology, meeting the highest standards required in the automotive OEM industry. It adheres to rigorous hygiene and safety protocols, ensuring that the integrity of its products is maintained throughout the entire manufacturing process. Its investment in advanced manufacturing capabilities allows it to streamline processes, minimize waste, and enhance resource utilization, driving down operational costs without compromising quality. Furthermore, its in-house teams play a key role in maintaining high efficiency and strict quality control, enabling it to rapidly implement design improvements and optimize manufacturing processes. This flexibility, coupled with its quality management systems, allows it to effectively manage costs while delivering custom solutions tailored to its clients' needs in the automotive sector. By maintaining strict control over product development, quality assurance, and manufacturing costs, it empowers itself to efficiently meet customer demands and maintain competitive advantage in the market. 

Risks and concerns

Exposure to raw material price fluctuations: The prices of its primary raw materials, including those imported for the production of Adhesive Tapes, Polishing and Buffing Pads, Rubbing and Polishing Compounds have been volatile. It sources raw materials such as Jumbo Rolls, Solvents, Skins, Heat Film and Velcro for its manufacturing operations from a combination of domestic and foreign suppliers. The cost of raw material consumed represented 36.57%, 43.26% and 44.29% of its total revenues in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Raw materials used in the manufacturing of Adhesive Tapes, Rubbing and Polishing Compounds, and Buffing Pads are global commodities, and their prices tend to be cyclical, fluctuating in response to global market conditions. Its raw materials are imported from China, Japan, Portugal, Taiwan, United States of America, Spain, Thailand, South Korea, Vietnam, Germany, Malaysia and Turkey. If the costs of these raw materials rise due to factors such as rise in input and commodity prices or shortages in supply, and it is not able to recover these costs through cost saving measures elsewhere or by increasing the prices of its products, its results of operations could be adversely affected. Duty changes (by the Indian government and exporting countries) can result in price fluctuations, and hence volatility in demand. In the event prices for these raw materials subsequently decline there can be no assurance that it will be able to price its products based on the material costs it actually incurred.

High dependence on customers in the automotive industry: It relies heavily on customers in the automotive industry. In the fiscal years 2026, 2025 and 2024 sales of products and services to Automotive Industry suppliers accounted for 100% for each year respectively. A loss of business or a significant reduction in the volume of sales from customers in the automotive industry, if not adequately replaced with new customers or business opportunities, could have a substantial negative effect on its overall business operations, financial condition, and long-term profitability. This could lead to a decline in revenue, reduced market share, and challenges in maintaining a stable financial performance. Its dependence on customers in the automotive industry makes it vulnerable to fluctuations in their performance, both globally and within India. This industry is often directly impacted by changes in general economic conditions and various other factors. Any disruption that alters the way this industry operates could negatively affect some of its customers, particularly if they are unable to adapt to and address these changes effectively.

Substantial portion of revenues derives from key customers: Its key customers operate primarily in the Automotive Industry two-wheeler, passenger vehicle. Its business relies heavily on a few key customers who contribute 55.59%, 46.43% and 43.92% of its total sales in Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. Its key customers operate primarily in the four-wheeler and two-wheeler vehicle industries. Since it is dependent on certain key customers for a significant portion of its sales, the loss of any of such customers or experience a decrease in demand from them whether due to contract losses, delays in fulfilling existing orders, unsuccessful negotiations, disputes, loss of market share, or a downturn in their business-its operations could be significantly impacted. If not suitably replaced with another customer, such changes could negatively affect its business, financial health, and overall performance.

Outlook

Sumax Engineering is engaged in the manufacturing and trading of a comprehensive range of high-performance automotive solutions, including adhesives, polishing compounds, power tools, and body shop consumables, serving both the Automotive OEM and Auto Refinish markets. It offers tailored product designs, sizes, and providing unmatched flexibility to meet the evolving needs of its clients. This flexibility allows it to develop solutions that seamlessly match its clients' unique requirements, boost product appeal, and meet precise functional needs. On the concern side, the majority of its product sales and services is concentrated in the region of Tamil Nadu and Haryana. For the Fiscal 2026, Fiscal 2025 and Fiscal 2024 its revenue from sale of products and services in Tamil Nadu and Haryana accounted for a total of 48.79%, 47.97% and 48.48% of its revenue from operations, respectively. Any adverse developments affecting its sales in these regions could have an adverse impact on its business, financial condition, results of operations and cash flows.

The company is coming out with a maiden IPO of 52,87,200 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-101 per equity share. The aggregate size of the offer is around Rs 50.23 crore to Rs 53.40 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 1.07% from Rs 14,612.60 lakh in Fiscal 2025 to Rs 14,769.06 lakh in Fiscal 2026. Profit after tax increased 27.82% from Rs 998.16 lakh in Fiscal 2025 to Rs 1,275.86 lakh in Fiscal 2026.

Meanwhile, it constantly endeavours to improve manufacturing process and will increase manufacturing activities to optimize the utilization of resources. It has invested significant resources and intends to further invest in its activities to develop customized systems and processes to ensure effective management control. It regularly analyses its existing policies for providing its products which enables it to identify the bottlenecks and correct the same. This helps it in improving efficiency and putting resources to optimal use. Going forward, setting up a new manufacturing plants/units is a strategic initiative to enhance production capabilities and address growing market demands. The facility will be outfitted with advanced machinery and cutting-edge technology to enhance production speed, reduce lead times, and improve overall product quality. By adopting lean manufacturing practices and incorporating automation, the plant will optimize efficiency while minimizing waste.

Uravi Defence and Technology has submitted intimation of Newspaper Advertisement for the 22nd Annual General Meeting of the Company to be held on Wednesday, September 30, 2026 through Video Conference (VC') /Other Audio-Visual Means ('OAVM').

The above information is a part of company’s filings submitted to BSE.

Hero Motors

• Hero Motors is coming out with a 100% book building; initial public offering (IPO) of 12,65,82,278 shares of face value Rs 10 each in a price band Rs 79-84 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 16, 2026 and will close on September 18, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 7.90 times of its face value on the lower side and 8.40 times on the higher side.
• Book running lead managers to the issue are ICICI Securities, DAM Capital Advisors and JM Financial.
• Compliance officer for the issue is Sakshi Dureja. 

Profile of the company

Hero Motors is one of India’s leading automotive technology companies engaged in designing, developing, manufacturing and supplying highly engineered powertrain solutions catering to automotive original equipment manufacturers (OEMs) in United States, Europe, India and the Association of Southeast Asian Nations (ASEAN) region. The company is a fully integrated powertrain systems provider offering comprehensive solutions including services for designing, prototyping, validating, developing, and delivering system-level and component-level powertrain solutions for both electric as well as non-electric powertrains. The company’s offerings find application in two-wheelers, performance automotive, e-bikes, off-road vehicles, electric and hybrid cars, heavy duty vehicles, and electric vertical take-off and landing (eVTOL) categories.

The company is among the few companies that address the requirements of the premium ICE and performance ICE segment that require high-performance transmission systems capable of handling tough torque needs while keeping components lightweight. The company is a technology and innovation driven company and have made significant investments into its in-house design and engineering capabilities as well as forging technology partnerships with global players to enhance its expertise and product and service offerings.

The company is recognized for its leadership in the development and production of continuously variable transmissions (CVT), electric vehicle (EV) transmission, electric motors, integrated drive units and gear sets. The company is among the first companies in India to capitalize on the global e-bike powertrain opportunity and have a distinct first mover advantage in this industry. It is the only player manufacturing and exporting CVT hubs to global e-bike OEMs from India, and are the only manufacturer of integrated electric powertrain products for e-bikes in India.

Proceed is being used for: 

• Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by the company
• Capital expenditure of the company through purchase of equipment required for expansion in capacity of its Gautam Buddha Nagar, Uttar Pradesh facility
• Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes

Industry overview

The country's automobile industry is primarily comprised of five key segments: two-wheelers (2W), passenger vehicles (PV), commercial vehicles (CV), three-wheelers (3W), and tractors. During fiscal 2026, with a significant lead, two-wheelers emerged as the largest segment, accounting for 74.1% of the total auto industry by volume. Passenger vehicles followed, contributing 15.6% to the market share, while three-wheelers make up a smaller but notable 2.9% of vehicle sales in fiscal 2026. Fiscal 2026 recorded sales of 22.1 million units, supported by GST cuts in September 2025 along with continued rural market momentum with improved rural productivity, diversification towards horticultural crops, government income support schemes and structural measures taken by the government such as PM-KISAN, eNAM, Pradhan Mantri Fasal Bima Yojna (PMFBY) to name a few, aided rural income.

In fiscal 2026 the share of scooters increased to 38% from 36% during the same period last year. This upward trend can be attributed to several other factors, including the rising participation of women in the workforce and a growing preference for automatic transmission vehicles. Within the scooters segment, e-scooters witnessed growth at an accelerated pace and contributed a sizeable share of 16 to 17% to overall scooter sales in fiscal 2026. Launch of new models, government incentives, rising awareness, increased acquisition & operating costs for the ICE equivalents provided a boost to the EV sales during the fiscal 2021 to 2026 period. E-scooters clocked growth at 101% CAGR in the last 5 years and their penetration within the scooters segment rose from 1.0% in fiscal 2021 to 16 to 17% in fiscal 2026. On the other hand, the ICE scooter segment witnessed relatively slower growth amidst the increased vehicle prices (due to BS VI emission norms compliance), higher operating costs (fuel price hike), increased interest outgo as well as increased competition from EVs. During fiscal 2022 to fiscal 2026 period, ICE scooter sales grew at 9.8% CAGR.

In the overall domestic sales, motorcycles have maintained their leading position in the last 5 years, however, they lost some ground to scooters during the period. During the pandemic period of fiscal 2021 and fiscal 2022, amidst the lack of availability of public transportation, requirement of motorcycles continued especially for daily commute, thereby restricting their drop. Over the years, there has been a significant advancement in vehicle technology. Various new features have been added in internal combustion engines (ICE) and electric vehicles (EV), making them more appealing to the customers, especially the younger buyers. The EV segment has revolutionised the industry in terms of latest technological designs and offerings and ICE vehicles are following with notable advancements. During fiscal 2022 to 2026, ICE segment grew at a moderate 11.3% CAGR. However, EV retails grew with 54.4% CAGR for the same period. For fiscal 2026, EV penetration reached around 6.5% and EV volumes recorded 1.44 million units. Going forward, the industry is expected to continue its growth momentum over the long-term horizon led by the positive microeconomic and macroeconomic environment, favourable rural demand, premiumization, intermittent launches, shrinking replacement cycle and continued support from financers.

Pros and strengths 

Strong positioning in global E-Mobility market: The company is one of India’s leading solutions providers to global e-mobility industry with its revenue from sales to e-mobility industry being Rs 2,732.90 million, Rs 1,755.92 million and Rs 1,280.85 million, accounting for 23.00%, 16.12% and 12.03%, respectively of its revenue from operations for Fiscal 2026, 2025 and 2024, respectively. Precision and powertrain flexibility characterize its offerings, positioning it to leverage global trends. The company has supplied EV transmission components for a US-based EV OEM and a European EV supercar manufacturer, showcasing its expertise in this segment. It is among the few companies globally that design high-performance transmission systems capable of handling tough torque needs while keeping components lightweight and meeting noise, vibration and harshness (NVH) requirements of electric vehicles.

Growing presence across premium mobility segments: Over the last five years, the company has expanded its market presence across automotive segments and have grown its business with premium two-wheeler OEMs globally. In the premium two-wheeler segment, it has partnered with OEMs such as BMW, Ducati and a leading American two-wheeler OEM among others, for Powertrain Solutions covering design, development, prototyping, validation and high-volume manufacturing. Further, the company has capabilities to deliver complete system solutions for e-bikes, including design, development, and cost-effective solutions, all while maintaining stringent quality standards. The electrification of bicycles and two-wheelers is witnessing robust global growth, driven by environmental concerns, health awareness, and technological advancements.

Diversified and premium customer portfolio: The company has a diverse and premium customer base, serving clients both in India and internationally. Its global OEM portfolio includes a wide range of customers, spanning both automotive and non-automotive sectors. In the automotive sector, it collaborates with global two-wheeler OEMs including BMW, Ducati, and Hero MotoCorp; players from motor sport industries such as Formula Motorsport and HWA Engineering; global commercial vehicle and off-road OEMs such as Escorts; and enviolo. The company’s customers in the non-automotive segment for both electric and non-electric powertrain and transmission systems include global OEMs such as B&S, and various e-powertrain applications for supercar manufacturers.

Strong global manufacturing and precision engineering capabilities: The company’s operational strength extends worldwide as it strategically establishes manufacturing and assembly facilities to meet diverse market and customer demands. Strategic geographic dispersion of its G&T facilities across India, the United Kingdom, and Thailand allows it to be in close proximity to its customers and offer cost competitive solutions. The company’s facilities, located in Gautam Buddha Nagar, Uttar Pradesh, India, boast precision manufacturing setups, including advanced technologies such as teeth honing, teeth grinding, and laser welding machines. The infrastructure is modern, and its processes are well-developed, allowing it to manufacture precise EV gears. 

Risks and concerns

High revenue concentration among top customers: The company’s business largely depends upon its top 10 customers. In Fiscals 2026, 2025 and 2024 its revenue from operations from top 10 customers were Rs 8,661.40 million, Rs 8,501.96 million and Rs 8,191.86 million, representing 72.89%, 78.03% and 76.96% of its revenue from operations, respectively. The loss of any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

Geographic concentration in European markets: The company generates a portion of its revenue from operations from jurisdictions outside India, in particular, from Europe which contributed 33.59%, 28.45% and 29.33%, of its revenue from operations, in Fiscal 2026, 2025 and 2024, respectively. Any adverse events affecting these jurisdictions could have an adverse impact on its revenue from operations.

Significant capital expenditure and working capital needs: The company has substantial capital expenditure and working capital requirements and may require additional capital and financing in the future and its operations could be curtailed if it is unable to obtain the required additional capital and financing when needed.

Exposure to risks associated with UK subsidiary: The company derives a portion of its revenue from operations from its Material Subsidiary; HEL located in the United Kingdom. The company acquired 32% equity stake in HEL in September 2022 from Hero International B.V., a member of the Promoter Group, which had been associated with HEL since 2017, and it acquired a majority stake by acquiring 19% equity stake in February 2023. HEL specialises in transmission design technology and has an established motorsport customer base. In the event there is any adverse impact on the business operations of HEL, its business, results of operations, cash flows and financial condition may be adversely affected.

Outlook

Hero Motors Limited is an automotive technology company engaged in designing, developing, manufacturing and supplying engineered powertrain solutions to automotive original equipment manufacturers (OEMs) across the United States, Europe, India and ASEAN region. The company provides integrated solutions for both electric and non-electric powertrains, serving two-wheelers, performance automotive, e-bikes, off-road vehicles, electric and hybrid cars, heavy-duty vehicles and eVTOL applications. The company has strong R&D and engineering capabilities. It has diversified powertrain product and service offerings. On the concern side, the company derives a certain portion of its revenue from operations from its Material Subsidiary, Hewland Engineering Limited (HEL). In the event there is any adverse impact on the business operations of HEL, its business, results of operations, cash flows and financial condition may be adversely affected. Moreover, certain of its Subsidiaries have suffered losses in the last three Fiscals. There can be no assurance that its subsidiaries will be profitable in future, or that it will be able to benefit from the funds it has infused in them.

The issue has been offering 12,65,82,278 shares in a price band of Rs 79-84 per equity share. The aggregate size of the offer is around Rs 1000.00 crore to Rs 1063.29 crore based on lower and upper price band respectively. Minimum application is to be made for 178 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 9.06% from Rs 10,895.93 million in Fiscal 2025 to Rs 11,883.51 million in Fiscal 2026, primarily on account of an increase in offtake from certain Indian and international customers. Moreover, profit for the year increased to Rs 411.68 million in Fiscal 2026 compared to Rs 327.96 million in Fiscal 2025.

Meanwhile, the company’s strategic objective is to further increase the collective contribution from systems and e-mobility-related products and services. To achieve this goal, it is currently implementing a series of initiatives. It is focused on making further investments in its technology centers and developing full powertrain solutions tailored for EVs. EVs require an integrated transmission system to optimize their performance, efficiency, and driving experience. The company has invested with the setup of its technology centers and are fully equipped to delivering end-to-end powertrain solutions. With the aim to expand its capabilities in terms of assembling systems and gain expertise to be prepared for the e-mobility products, it acquired strategic stake in Hewland in 2022 and acquired majority stake in 2023 from Hero International B.V which had been associated with Hewland since 2017. The company intends to further leverage Hewland’s expertise to launch customizable solutions for EV OEM.