Nidec Corporation plans to build a new electric motor plant in Europe to supply the region's fast growing growing electric vehicle industry, according to reports in Japan.

Construction of the plant in Serbia is expected to be completed in 2023 with an initial annual capacity of between 200,000 and 300,000 electric drive systems per year, according to the reports.

Nidec founder Shigenobu Nagamori recently said his company was targeting a 35% share of the global market for EV motors by 2030 – by which time he expects it will have grown 10 times to US$30bn.

Nidec is a specialist manufacturer of electric motors for a wide range of applications, from computer disc drives to large automotive motors.

In 2014 it acquired automotive electronic controls producer Honda Elesys, followed by the acquisition of the automotive electronics unit of Omron Corporation in 2019.

Its key domestic competitor is BluE Nexus, a joint venture between Denso Corporation and Aisin Seiki Corporation.

Earlier this year Nidec began construction of a new JPY100bn (US$973m) EV motor plant in Dalian city in Liaoning province, China, which was scheduled to begin operations in 2021.