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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