Hitachi Automotive Systems, Ltd. and Honda Motor Co., Ltd. have established a joint venture company for the development, manufacture and sales of motors for electric vehicles (EVs).
The new company, known as Hitachi Automotive Systems, will be based in Hitachinaka-shi, Ibaraki Prefecture. The joint venture stems from an original agreement back in March, and the new company will receive a financial grant from Ibaraki Prefecture for the project.
The joint venture will be owned by Hitachi with a 51 percent stake with Honda owning the remaining 49 percent. The company will seek to provide electric vehicle motors for the growing global demand from consumers for alternatives to the internal combustion engine vehicles. The companies say they will leverage technologies from the two companies in order to develop a competitive motor for use by automotive OEMS.