Honda Motor Co., Ltd. and Hitachi Automotive Systems, Ltd. have established 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.
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.
Automakers are increasingly teaming up with parts suppliers to build components for the fast-growing EV segment as a way to expand product line-ups while containing high development costs.
Since Hitachi Automotive Systems first started selling motors for electric vehicles in 1999, it has been refining its technological and product capabilities to develop high-output, lightweight and compact electric vehicle motors. The company has delivered a high volume of these motors to vehicle manufacturers in Japan and throughout the world, and has earned high praise throughout the industry for the performance of these products and its production technology.
Since 1999, when Honda launched its first hybrid car, Insight, the company has focused on expanding its electric vehicle line-up as it continues to enhance its technological and production capabilities with respect to the motors that form the core component of electric vehicles.
Going forward, with environmental conservation measures and regulations increasing on a global scale, the market for electric vehicles is expected to continue to grow.
