Germany's Siemens and French auto parts supplier Valeo issued a joint statement, the two sides will jointly declare to produce high-voltage power systems for electric vehicles and hybrid vehicles in the global market.
Siemens and Valeo signed an agreement on the 18th to form a joint venture to produce and sell high-voltage motors, range extenders and chargers for electric vehicles and light vehicles worldwide. The joint venture headquarters will be located in Erlangen, Germany, and will establish factories in France, Norway, Poland, Hungary and China. The company will be operational by the end of 2016.
According to the agreement signed by both parties, Siemens and Valeo each hold 50% of the joint venture, and will jointly control and hold their respective shares using the equity method. And the two sides plan to achieve a compound annual growth rate of more than 20% in the electric vehicle parts market by 2020.
Jacques Aschenbroich, CEO of Valeo Group, said: “Siemens Siemens is the leader in power electronics and motor products. Its expertise in the field of motors will help Valeo maintain its technology. Leading the way in developing a comprehensive technology product line from micro-hybrid to pure electric motors."
The joint venture will combine Valeo's high-voltage electronics and electrical systems business unit with Siemens' electric vehicle powertrain business unit, which will provide 200 employees, 90 of whom will be based in France; the latter will provide 500 employees, of which 370 The company is based in Germany and 130 in China.
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