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Automobiles

Nidec eyes 150% sales growth in China EV push

World's largest motor maker forms EV motor venture with Foxconn

Nidec announced on Wednesday that it will form a joint venture with Taiwan's Hon Hai technology group, known as Foxconn. (Source photos by Atsushi Ooka and Reuters) 

TOKYO -- Japanese motor maker Nidec, in a new midterm business plan unveiled Wednesday, predicted a 150% sales surge through fiscal 2025, as the world's largest motor maker vows to have as a customer the fastest-growing manufacturer of electric cars in China, SAIC-GM-Wuling Automobile, which makes $4,400 mini EVs in China.

"Wuling is the world's most demanding automaker in terms of purchase price," said Jun Seki, Nidec's president and CEO, at a news conference the same day. "We will be able to improve our competitiveness if we can satisfy a carmaker as demanding as Wuling," Seki said.

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