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Honda Motor Co., aiming to make electrified vehicles account for two-thirds of its global sales by 2030, agreed today to form a joint venture with Japanese supplier Hitachi Automotive Systems to develop, produce and sell the motors that make those vehicles run.
The company, to be established in July, will be 51 percent owned by Hitachi Automotive Systems and 49 percent owned by Honda. The partners are investing 5 billion yen ($44.5 million) in the project. The joint venture does not yet have a name but will be headquartered in Japan.
The venture will make some of the motors at Hitachi Automotive plants in Kentucky and in China, to address what is expected to be rising demand for electrified vehicles in those markets.
Source: mobile promotional video