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Valeo, Siemens Finalize EV Motor Venture
Today Siemens AG and Valeo SA officially launched the joint venture they announced in April to make electric motors and other components for hybrid and all-electric vehicles.
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Today Siemens AG and Valeo SA officially launched the joint venture they announced in April to make electric motors and other components for hybrid and all-electric vehicles.
Dubbed Valeo Siemens eAutomotive GmbH, the 50:50 partnership will be based in Erlangen, Germany. The venture will employ about 1,000 people at existing production and research and development facilities in China, France, Germany, Hungary, Norway and Poland.
Louis Pourdieu has been named CEO of the venture, and Peter Geilen will serve as chief financial officer. Pourdieu had been a product line manager for Valeo; Geilen was CFO for Siemens operations in Belgium.
The venture will specialize in systems that can handle more than 60 volts. In addition to high-voltage motors, the company will develop and produce onboard chargers, DC/DC converters, inverters and range extenders for electrified cars and light commercial vehicles.
Valeo will contribute its expertise in high-voltage power electronics, range extenders and charging systems. Siemens will provide know-how for electric motors and power electronics. The partners expect to realize “substantial” manufacturing and purchasing synergies by combining operations.
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