Shares of Igarashi Motors India Ltd. rose the most in over 16 months after the auto components maker said it will supply parts to Elon Musk's Tesla Inc.
I am very happy to inform that Igarashi... will be delivering motors for three types of... requirements of the Tesla platform.P Mukund, MD, Igarashi Motors India
Igarashi would be supplying components to the U.S.-based maker of Model 3 electric car through a vendor, said Mukund in a conference call with analysts on August 3.
Its shares rose 11 percent to trade at Rs 1,060 apiece at 12.50 p.m. on Tuesday.
Mukund also said that Igarashi's joint venture with Bosch will get into new platforms. Bosch is one of the companies that is strongly focused on automation, he said.
Igarashi will be supplying the following products to Tesla:
- Motors for Tesla X's falcon doors
- Door lever retractors
- Motors for steering tilt and column adjustment
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