Hitachi Automotive Systems and Honda Establish Joint Venture for Electric Vehicle Motors
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 “promotes the establishment of corporate head office functions” within the prefecture.
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Name of company |
Hitachi Automotive Electric Motor Systems, Ltd. |
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Location |
2520 Takaba, Hitachinaka-shi, Ibaraki Prefecture |
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Representative |
Noboru Yamaguchi, President |
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Business |
Development, manufacture and sales of motors for electric vehicles |
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Contribution |
5 billion yen (capital: 2.5 billion yen, capital reserve: 2.5 billion yen) |
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Date of establishment |
July 3, 2017 |
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Investment ratio |
Hitachi Automotive Systems, Ltd. 51% |
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.