Jiji Press TOKYO (Jiji Press) — Japan’s Nidec Corp. and French automaker Groupe PSA have announced an agreement to set up a joint venture in France for the development, production and sales of motors for electric-powered vehicles.
Through the move, Nidec aims to strengthen the competitiveness of its mainstay motor business at a time when the world is promoting a shift to electric vehicles to curb global warming.
The joint venture, whose name has yet to be decided, will be established in Carrieres sous Poissy in a Paris suburb in March or April 2018. It will have capital of €15 million, which is set be equally borne by a Nidec unit and a PSA subsidiary.
Taking advantage of know-how held by the two groups, the joint company will develop low-cost high-efficient motors for electric and plug-in hybrid vehicles.