The Japanese manufacturer of electric motors Nidec Corp It plans to invest some 715 million dollars in the construction of a plant in Mexico to manufacture motors for electric cars, declared its general director in an interview with the Nikkei newspaper published this Friday.
Construction is expected to start during or after the next business year beginning in April, the newspaper said.
CEO Shigenobu Nagamori said of the investment that the company’s goal was to manufacture products in a region to sell them there.
Nidec manufactures a traction motor for electric vehiclesknown as “e-axle”, which consists of the integration of a motor, decelerator and inverter system equivalent to the engine of gasoline cars.
The Kyoto-based company already produces “e-axlein China and Europe.
Nidec previously predicted it would produce 1.2 million e-axle units in fiscal 2023, more than double its forecast for this business year, in response to increased demand, mainly in China.
It plans to increase the production capacity of “e-axle” to 7 million annually worldwide by March 2026.
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