L&T Technology Services (LTTS), a leading global pure-play engineering services company, has announced a significant new contract win, further solidifying its position in the automotive technology sector.

Deal Overview

LTTS has secured a substantial €50.00 million deal with a European automotive Original Equipment Manufacturer (OEM). This agreement marks another milestone in the company's growing portfolio of high-value contracts in the automotive industry.

New Development Center

As part of this deal, LTTS will establish a new development center. This facility will focus on two critical areas in modern automotive technology:

1. Software-defined vehicle capabilities
2. Advanced driver-assistance systems (ADAS)

These focus areas align with the automotive industry's shift towards more intelligent, connected, and autonomous vehicles.

Strategic Expansion

This latest contract follows closely on the heels of another significant deal recently secured by LTTS. The company had previously announced an $80.00 million contract with a US-based industrial products manufacturer. These back-to-back high-value deals underscore LTTS's growing prominence in the global engineering services market.

Industry Implications

The automotive industry is undergoing a rapid transformation, with software playing an increasingly crucial role in vehicle development. LTTS's focus on software-defined vehicles and ADAS technologies positions the company at the forefront of this evolution. This deal not only boosts LTTS's revenue but also enhances its expertise and capabilities in cutting-edge automotive technologies.

Conclusion

L&T Technology Services' latest €50.00 million deal with a European automotive OEM represents a significant win for the company. It demonstrates LTTS's strong capabilities in automotive engineering services and its ability to secure high-value contracts in competitive markets. As the automotive industry continues to evolve, LTTS appears well-positioned to capitalize on the growing demand for advanced engineering solutions in software-defined vehicles and driver assistance systems.

L&T Technology Services (LTTS), a leading global engineering and technology services company, has announced a significant milestone in its Mobility segment. The company has secured a transformational deal worth €50 million with a prominent European Automotive OEM, further solidifying its position in the global automotive ecosystem.

Deal Highlights

• Contract Value: €50 million
• Client: European Automotive OEM
• Focus: Development of next-generation software platforms for current and future vehicle models
• Key Component: Establishment of a new development center

Scope of the Deal

The comprehensive agreement encompasses the development and operation of next-generation software platforms tailored for both current and upcoming vehicle models. As part of the client's global right shoring strategy, LTTS will establish a dedicated development center. This center will play a crucial role in advancing the client's technology stack, which includes:

• Unified architecture
• Proprietary operating system
• Automotive cloud
• Cutting-edge vehicle features such as driver assistance systems
• Standardized infotainment platforms
• Software solutions integrating powertrains, chassis, and charging infrastructure
• Expansive digital ecosystem for enhanced in-car digital services

LTTS' Expertise

LTTS secured this prestigious deal through its demonstrated expertise in:

1. Software Defined Vehicle (SDV) development
2. Advanced Driver Assistance Systems (ADAS)
3. Software Defined Everything (SDe)

The company's strategic investments in driverless car technologies have enabled the development and launch of an integrated ADAS stack, along with cutting-edge solutions in AI and SDVs. These advancements help clients accelerate time-to-market and maintain a competitive edge in the rapidly evolving automotive industry.

Innovation Initiatives

LTTS continues to drive innovation in the automotive sector:

• EV Lab: The company operates a state-of-the-art EV lab in Bangalore, India, serving as a hub for the development and testing of advanced electric vehicle technologies.
• LTTSiDrive: Recently launched framework for SDV implementation across Auto, Trucks, and Off-Highway vehicles, further underscoring LTTS' innovation-driven approach.

Management Commentary

Amit Chadha, CEO & Managing Director of L&T Technology Services and NASSCOM Executive Council Member, expressed enthusiasm about the partnership:

"We are thrilled to collaborate with one of the most influential automotive leaders in Europe. This deal underlines LTTS' proven competencies in software-defined mobility and reflects our commitment to enabling transformation in the global automotive landscape. Our expertise in EV technologies, SDVs and ADAS, complemented by our robust digital engineering capabilities, positions us to create powerful impact for our customers, making future-ready mobility a reality."

Company Overview

L&T Technology Services (LTTS) is a global leader in engineering and technology services, offering design, development, testing, and sustenance services across products and processes. As a listed subsidiary of Larsen & Toubro (L&T), LTTS focuses on growth across the Mobility, Sustainability, and Tech segments.

Key facts about LTTS:

(as of December 31, 2023)

This latest deal reaffirms LTTS' position as a trusted engineering partner for leading automotive enterprises worldwide, showcasing its capabilities in autonomous driving, connected vehicles, e-mobility, and digital twin technologies.