Hitachi Automotive Systems and
Honda Motor Co announced the establishment of a joint venture company for the
development, manufacture and sales of motors for electric vehicles on the
premises of Hitachi Automotive Systems in Hitachinaka-shi, Ibaraki Prefecture.
The joint venture company, Hitachi Automotive Electric Motor Systems, Ltd
will be in the business of development, manufacture and sales of motors for
electric vehicles. Hitachi Automotive Systems, Ltd. will have a 51% equity stake
in the company and Honda Motor Co., the remaining 49%. The new company will
respond to the growing global demand from automakers for electric vehicle
motors by developing competitive motors that combine the expertise of the two
companies. Noboru Yamaguchi will be the President
of the new company.
As announced on February 7,
2017, the two companies have conducted discussions based on a Memorandum of
Understanding signed on February 3, and entered into a joint venture agreement
on March 24 to make more tangible preparations to establish the new company.
The newly established company will receive a financial grant from Ibaraki
Prefecture as it has been recognised as a relevant project that “promotes the
establishment of corporate head office functions” within the prefecture.
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