Japanese Electric Motor Manufacturer Nidec Will Invest 715 Million
- The Japanese electric motor manufacturer, Nidec, plans to invest $715 million in constructing a plant in Mexico to manufacture electric vehicle motors.
By: SiiLA News
The Japanese electric motor manufacturer, Nidec Corp, plans to invest approximately $715 million in constructing a plant in Mexico for manufacturing motors for electric vehicles, according to its CEO in an interview with the Nikkei newspaper published this Friday.
The construction of the plant is expected to begin during or after the next fiscal year, starting in April, as reported by the newspaper. CEO Shigenobu Nagamori explained that the company's objective is to produce their products in a region and sell them there.
Nidec is renowned for its electric vehicle traction motor, also known as the "e-axle," which integrates the motor system, speed reducer, and inverter into a compact unit, similar to gasoline-powered car engines.
The Kyoto-based company already manufactures "e-axle" units in China and Europe. Previously, Nidec forecasted the production of 1.2 million "e-axle" units by 2023, more than double the initial plan for this fiscal year, due to increasing demand, primarily in China.
The company aims to expand its "e-axle" production capacity to 7 million units annually worldwide by March 2026.
