Japan’s Nidec is planning a $ 2 billion EV motor manufacturing facility in Europe: Nikkei By Reuters

© Reuters. FILE PHOTO: Nidec Corp logo displayed at results press conference in Tokyo

TOKYO (Reuters) – Nidec Corp will spend 200 billion yen ($ 1.9 billion) on a new plant in Serbia to build motors for electric vehicles to attract more business from automakers who are turning away from internal combustion engines, reported the newspaper.

Shigenobu Nagamori, founder of Nidec, said he aims to have a 35% market share for energy-saving electric motor technology known as E-Axis or E-Drive by 2030, which is expected to have grown ten times to up to $ 30 billion a year by then becomes .

The technology is set to make electric vehicles more affordable and help reduce carbon emissions from vehicles, which make up 17% of global carbon emissions, according to the International Council on Clean Transportation in Washington.

The facility, which follows the construction of an EV motor plant in China, is slated to open in 2023 with annual production of 200,000 to 300,000 units per year, the Nikkei said.

A Nidec spokesman declined to comment.

Nidec, also known for its miniature electric motors for smartphones and other electronic devices, acquired the manufacturer of electronic control systems for automobiles, Honda Elesys, in 2014 and the automotive electronics from Omron Corp. in 2019.

It faces competition from other companies like Japan’s Denso Corp and Aisin Seiki Corp, which formed a joint venture called BluE Nexus last year 2019.

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