Ituran's Joint Venture in India Achieves Validation for Telematic Devices with Daimler

Validation of Connected Telematics Devices in India

Ituran Location and Control Ltd. (Nasdaq: ITRN) has recently announced a significant milestone for its joint venture in India, Lumax Ituran Telematics Pvt Ltd. The collaboration culminated in the successful validation of connected telematic devices with Daimler India Commercial Vehicles (DICV). This validation process involved rigorous testing and trials conducted across a fleet of over 15,000 vehicles operating within the Indian market.

The successful outcome of this validation not only marks a critical accomplishment for Lumax Ituran but also positions the company favorably within the burgeoning Indian automotive technology landscape. The partnership with DICV, a prominent player in the global Original Equipment Manufacturer (OEM) market, signifies a crucial step in Ituran's strategy for expanding its footprint in the automotive telematics sector in India.

Significance of the Collaboration

Daimler India Commercial Vehicles provided the perfect testing ground for Ituran's telematic devices, which are designed to enhance vehicle connectivity and management processes. With the validation complete, Lumax-Ituran is poised to supply tens of thousands of connected devices to DICV each year. These devices are integral to developing advanced telematics solutions—essential components for future innovations in connected vehicle services.

Eyal Sheratzky, CEO of Ituran, underscored the importance of DICV as a strategic customer for their operations in India. He stated, “The successful validation of our products with DICV reflects an important growth milestone for our joint venture. It expands our reach and reinforces Ituran's key position in the global connected vehicle market.” As India’s automotive market continues to evolve rapidly, Ituran aims to play a pivotal role in delivering innovative telematics solutions tailored for the region.

About Lumax Ituran Telematics Pvt Ltd

Lumax Ituran is a joint venture established in 2017 between Ituran and Lumax Auto Technologies Ltd., which is part of the Lumax DK Jain Group. This partnership was developed to bring Ituran's cutting-edge telematics products and services to the Indian automotive sector. From a modest beginning, it has now grown into a formidable player in the industry, rapidly expanding its capabilities and market presence.

A Leader in Mobility Technology

Ituran is recognized as a leader in the mobility technology space, providing a range of location-based services, including stolen vehicle recovery, fleet management, and mobile asset management for vehicles. Their offerings extend to various sectors such as retail, insurance, and automotive manufacturers. Notably, Ituran is the largest OEM telematics provider in Latin America, boasting a growing subscriber base exceeding 2.3 million using its services across more than 20 countries.

Founded in 1995, Ituran has established itself as a powerful player in the telematics market with a workforce of approximately 2,800 employees and operations spanning across several countries, including Israel, Brazil, Argentina, and Mexico, among others. The firm's commitment to innovation is further exemplified by its establishment of the DRIVE startup incubator in Tel-Aviv, aimed at fostering the development of smart mobility technologies.

In conclusion, the collaboration between Ituran and DICV is expected to pave the way for significant advancements in the Indian automotive telematics sector, potentially redefining connectivity and vehicle management as we know it. As they embark on this journey, the focus will remain on delivering exceptional telematics solutions that empower Indian automotive manufacturers and users alike, enhancing efficiency and safety on the roads.