OSAKA -- Nidec, the Japanese maker of precision motors, said Thursday it will form a Chinese joint venture with a unit of Guangzhou Automobile Group to develop and manufacture electric vehicle motors for the promising local market.
Nidec will own 51% of the 600 million yuan ($87.1 million) company, while GAC Components holds the rest. They aim to launch the Guangzhou-based venture by October pending approval from Chinese authorities.
