Groupe PSA, owner of the Peugeot, Citroën, DS, Opel and Vauxhall brands, and Nidec Leroy-Somer, a French manufacturer of small precision motors, plan to form a joint venture to develop a range of traction motors for electrified vehicles. The 50/50 JV will receive an initial investment of €220 million ($262 million).
The main components of the electric powertrain will be designed and produced in France. The JV will supply traction motors to Groupe PSA’s vehicles, and possibly to other OEMs as well.
Groupe PSA expects the market for automotive electric motors to double to $53.5 billion by 2030.