Hitachi Automotive Systems and Honda Motor have announced the establishment of a joint venture company for the development, manufacture and sales of motors for electric vehicles at Hitachi Automotive Systems in Hitachinaka-shi, Ibaraki Prefecture.
As announced earlier, the two companies held talks based on a memorandum of understanding signed in February and entered into a joint venture agreement on 24 March to make more tangible preparations to establish the new company which 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.
- Name of company – Hitachi Automotive Electric Motor Systems
- Location – 2520 Takaba, Hitachinaka-shi, Ibaraki Prefecture
- Representative – Noboru Yamaguchi, president
- Business – Development, manufacture and sales of motors for electric vehicles
- Contribution – JPY5bn (US$44.3m) (capital: JPY2.5bn, capital reserve: JPY2.5bn)
- Date of establishment – 3 July 2017
- Investment ratio – Hitachi Automotive Systems 51% and Honda Motor 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," they said in a statement.