Nidec sees itself as the Tesla of electric vehicle motors
Japanese company looks beyond pandemic as it expects growing sales on EV demand
Nidec Chairman and CEO Shigenobu Nagamori says the world's largest motor manufacturer has a bright future as "more and more companies want to produce" electric vehicles. (Screenshot from Nidec website)
TOKYO -- Nidec, the world's largest motor maker, is aiming for a quick return to record profits as it bets on dramatic growth in electric vehicle demand in China.
For the first quarter of fiscal 2020, the Kyoto-based company reported a 1.7% rise in operating profit from a year before to 28.1 billion yen ($261.93 million), even as sales fell 6.6% to 336.8 billion yen. The company said it has redoubled efforts for cost reduction.