Nidec Plans A $2 Billion EV Motor Factory In Europe: Report

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  • The plant, which follows construction of an EV motor plant in China, is slated to open in 2023 with annual production of between 200,000 and 300,000 units a year
  • Nidec is also known for its miniature electric motors for smartphones and other electronic devices
Image for representational purpose only

Nidec Corp will spend 200 billion yen ($1.9 billion) on a new plant in Serbia to build motors for electric vehicles as per a report by the Nikkei newspaper. It seeks to win more business from automakers turning moving away internal combustion engines

The report added that Nidec founder Shigenobu Nagamori has said he wants a 35 per cent market share for energy-saving electric motor technology know as e-axle or e-drive by 2030, which is expected to have grown ten times by then to as much as $30 billion a year. As per the report, the technology is expected to make electric vehicles more affordable and help cut carbon dioxide emissions from vehicles.

200,000 and 300,000 units a year

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The report said that the plant, which follows construction of an EV motor plant in China, is slated to open in 2023 with annual production of between 200,000 and 300,000 units a year. A spokesman for Nidec declined to comment.

Nidec is also known for its miniature electric motors for smartphones and other electronic devices. It acquired automotive electronic control system producer Honda Elesys in 2014 and the automotive electronics unit of Omron Corp in 2019.

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