TOKYO -- Honda Motor, a latecomer to the electric-vehicle race, will team with Hitachi Automotive Systems in hopes of playing catch-up.
The Japanese automaker and the Hitachi unit said Tuesday they will establish a joint venture in July to develop, produce and sell motors for electric vehicles and gasoline-electric hybrids. The new company will be based in Ibaraki Prefecture and capitalized at 5 billion yen ($44.5 million). Hitachi Automotive will take a 51% interest, while Honda will have 49%.
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