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Honda, Hitachi Launch EV Motor Venture
Today Honda Motor Co. and Hitachi Automotive Systems Ltd. launched their previously announced joint venture company to develop and produce electric motors for hybrid and all-electric vehicles.
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Today Honda Motor Co. and Hitachi Automotive Systems Ltd. launched their previously announced joint venture company to develop and produce electric motors for hybrid and all-electric vehicles.
Hitachi will own 51% of the company, called Hitachi Automotive Electric Motor Systems Ltd., which will be headquartered at the electronics’ company’s complex in Hitachinaka-shi, Japan. The partners signed a memorandum of understanding in February for the 5 billion yen ($45 million) venture.
The partnership is part of Honda's plans to accelerate its EV efforts. Last October Honda created its own Electric Vehicle Development Div. and set an ambitious goal of deriving two-thirds of its sales from EVs by 2025. The carmaker plans to introduce two new EV models next year.
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