2/4/2021, 7:04 PM (Source: TeleTrader)
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Nidec to buy Mitsubishi Heavy unit for $285M - report

Nidec Corporation, a Japanese electric motor manufacturer, announced on Thursday its intent to purchase a production unit from Mitsubishi Heavy Industries for ¥30 billion, or $285 million, Nikkei Asia reported.

The acquired unit carries Mitsubishi Heavy equipment for motor gear production. Nidec is looking to obtain the crucial expertise and know-how for further electric vehicle manufacturing.

Nidec believes that in-house gear assembly may cut costs and delivery times for electric vehicle drive systems, which would be very helpful in attending to 2.5 million vehicle orders that the company received until 2025.

Baha Breaking News (BBN) / LH