Hitachi and Honda sign EV MoU
Hitachi and Honda have announced the signing of a Memorandum of Understanding to establish a joint venture company for the development, manufacture and sales of motors for electric vehicles.
The two companies now will conduct formal discussions regarding the establishment of the new company.
Since Hitachi Automotive Systems first started selling motors for electric vehicles in 1999, it has been refining its technological and product capabilities to develop high-output, lightweight and compact electric vehicle motors. The company has delivered a high volume of these motors to vehicle manufacturers in Japan and throughout the world.
In the same year Honda launched its first hybrid car, Insight, and has since focused on expanding its electric vehicle line-up.
The two now hope to generate technological synergy and economies of scale that will strengthen their competitive advantage.