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Honda Teams Up With Hitachi To Develop Electric Vehicle Motors For EVs

2017-02-09

Both companies will invest around $44.5 million in this joint venture. As part of the deal, 51 percent of the joint venture will be owned by Hitachi and the remaining percentage of share will be owned by Hitachi.

Taking cognizance of the growth of Electric Vehicles (EVs) segment all over the world, Honda Motors and Hitachi Automotive Systems have inked a Memorandum of Understanding (MoU) to create a joint venture that will take charge for the development, production and sales of electric motors, which will do its duty in petrol-electric hybrid and fully electric cars.

feb_9_Honda_Hitachi_JV

Both companies will invest around $44.5 million in this joint venture. As part of the deal, 51 percent of the joint venture will be owned by Hitachi and the remaining percentage of share will be owned by Hitachi.

A lot of automobile companies have been partnering with other component suppliers to develop electrical mobility solutions and mechanical components. Through this partnership, Honda and Hitachi are planning to offer EVs and components at a competitive price. Both companies are still in talks regarding the establishment of the new joint venture, however, an agreement is likely to be signed by end of March this year. The new company will be established in July 2017.

Source: Team-BHP

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