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Internet of Things

TelecomTV TRACKER

Sourced by TelecomTV's TRACKER platform
from Hitachi Newsroom

Internet of Things

Hitachi Automotive Systems and Honda establish joint venture for electric vehicle motors

Via Hitachi Newsroom

Jul 3, 2017

Tokyo, July 3, 2017 --- Hitachi Automotive Systems, Ltd. and Honda Motor Co., Ltd. today 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.

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 recognized as a relevant project that &quo;promotes the establishment of corporate head office functions" within the prefecture.

Name of company Hitachi Automotive Electric Motor Systems, Ltd.
Location 2520 Takaba, Hitachinaka-shi, Ibaraki Prefecture
Representative Noboru Yamaguchi, President
Business Development, manufacture and sales of motors for electric vehicles
Contribution 5 billion yen (capital: 2.5 billion yen, capital reserve: 2.5 billion yen)
Date of establishment July 3, 2017
Investment ratio Hitachi Automotive Systems, Ltd. 51%, Honda Motor Co., Ltd. 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.

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This content extract was originally sourced from an external website (Hitachi Newsroom) and is the copyright of the external website owner. TelecomTV is not responsible for the content of external websites. Legal Notices

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