Ituran Location and Control (ITRN) said Wednesday its joint venture in India, Lumax Ituran Telematics, has completed a validation and trial period for telematic devices with Daimler India Commercial Vehicles.
Daimler India Commercial Vehicles tested Ituran's devices in over 15,000 vehicles operating in the country and the JV expects to continue selling "tens of thousands" of the devices per year to the company, Ituran said.
Financial details weren't provided.
Ituran and Lumax Auto Technologies each own a 50% stake in the Lumax Ituran Telematics, Ituran said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.