China Traction Motor Business Through a Joint Venture with Guangzhou Automobile Group
First written in FY2020-Q1. 1 of 2 entries say "Advanced", first in FY2020-Q2. Latest entry: FY2020-Q2.
No other company in this theme has enough history to compare yet.
- FY2020-Q2AdvancedAnnual report
「At a meeting of the Board of Directors held on 1 August 2019, the Company resolved to enter into an agreement with GAC Components Co., Ltd., a member of the GAC Group, for the establishment of a joint venture for automotive traction motors, and signed the agreement on the same date. Under the agreement, the establishment procedures were completed on 30 October 2019.」
The establishment procedures for the joint venture with the GAC Group were completed, establishing the foundation for a China traction motor business with capital of RMB600 million, funded 51% by Nidec and 49% by GAC Components. - FY2020-Q1First statedAnnual report
「Recognizing the strategic importance of traction motors in the future automotive industry, the two companies have agreed to collaborate on low-cost, high-efficiency traction motors for GAC. The joint venture plans to develop, produce and sell low-cost, high-efficiency traction motors primarily for GAC by combining GAC's accumulated know-how in complete vehicles with the Company's motor and electrical equipment technologies, while gradually pursuing sales to other automakers.」
The Company entered into a joint venture agreement with GAC Components Co., Ltd. on 1 August 2019. The joint venture was scheduled to be established between September and October 2019, with capital of RMB600 million and contributions of 51% from Nidec and 49% from GAC Components. It planned to develop, produce and sell traction motors in China, strengthen its local development staff and reduce costs by leveraging purchasing power.