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Nidec chief predicts a $3,000-car era with spread of EVs

Japan motor maker boosts full-year profit estimate as auto demand surges

A recovery in auto output and surging demand for notebook computers and appliances have boosted sales of Nidec's small motors. (Photo by Hirofumi Yamamoto)

TOKYO -- Car prices will fall to below $3,000 each, creating new demand in India, Africa and the Middle East, said Shigenobu Nagamori, chairman and CEO of the world's largest motor maker Nidec, on Monday.

"The price of a car will drop to as low as 300,000 yen ($2,890), resulting in a spike in demand for cars," said Nagamori during the earnings announcement for the April-December period.

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