Japanese motor company Nidec has announced plans to build an EV component plant in the Chinese city of Pinghu. Construction is scheduled to begin in October of 2022.
The EV-dedicated plant will have 109,600 square meters (1,180,000 square feet) of production area floor space for producing and assembling gears, inverters and the company’s E-Axle traction motor system. Production is to begin in October of 2023, and the company says the plant will have an annual production capacity of 1 million E-Axles by fiscal year 2024.
Aiming at a 10 trillion-yen (about $74 billion) sales goal for 2030, Nidec says it plans to develop a production capacity of 7 million E-Axles and to sell 3.6 million E-Axles by fiscal year 2025.