Japan: Honda Motor Corporation and Hitachi Automotive Systems have signed an agreement worth 5 billion yen (US$44 million) to develop engines for electric vehicles.
Honda & Hitachi Partner To Develop Motors For Electric Vehicles Located in the Ibaraki Prefecture in Japan, the joint venture between the two companies is called Hitachi Automotive Electric Motor Systems and is led by president Noboru Yamaguchi. A majority stake (51 percent) will be held by Hitachi Automotive Systems and the remaining 49 percent owned by Honda. The joint venture will construct motors for gasoline-electric hybrids, plug-in hybrids and battery-electric cars, and will have sales and manufacturing functions in the U.S. and China in addition to Japan.
A joint statement released by both companies stated that “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.”
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