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.