Company Name: Nidec Corporation
Representative Director, President, and Executive Officer: Mitsuya Kishida
Stock Exchange: Tokyo Stock Exchange, First Section (6594)
Address: 338 Kyose-denjoshi-cho, Minami-ku, Kyoto
Inquiries: Corporate Communications Department Manager, Keita Watanabe
Phone: (075) 935-6150
Nidec Corporation (hereinafter, 'the Company')'s U.S. subsidiary, Nidec Motors Corporation (hereinafter, 'NMC'), has entered into a supply partnership agreement with Ashok Leyland (hereinafter, 'AL'), a commercial vehicle manufacturer in India, on September 11, 2024, to provide electric motor controller systems ('E-Drive').
NMC's Traction Business Unit leverages its global manufacturing and research and development base to provide services in the growing Commercial Electric Vehicle (CEV) market. Since 2010, this business unit has supplied electric motor controller systems to over 0.1 million CEVs worldwide, making a significant contribution to a sustainable future.
Through this agreement, NMC and AL will collaborate as strategic partners to develop next-generation E-Drive for AL and its subsidiaries' commercial vehicle programs, contributing to sustainability and clean transportation. NMC will also provide the necessary support for AL to establish the Center of Excellence for E-Drive in the field of commercial vehicle electrification.
NMC is making strategic investments in India to strengthen local manufacturing facilities, research and development capabilities, and the reliability of the supply chain. In September 2023, it announced a $55 million investment to establish a new factory in Hubli, Karnataka, to commence production of various NMC products by the end of 2025, meeting the growing demand for CEVs, data centers, renewable energy, and general industries.
Michael Briggs, Head of Nidec Motion & Energy Business Unit, and President and Director of Nidec Motor
"NMC is well-positioned in India and is the perfect partner to accelerate the adoption of commercial EVs. Our investment strategy and motor technology complement AL, which understands the specific needs of the commercial vehicle market. Through this partnership, customers can receive AL's trusted products and access the technology needed for efficiency and the changing global energy landscape."
Shenu Agarwal, the MD and CEO of Ashok Leyland
"Ashok Leyland is delighted to partner with Nidec, the global leader in electric motor technology. Through this collaboration, we can jointly develop innovative E-Drive motors tailored to the unique needs of India's commercial vehicle market, significantly enhancing electric mobility capabilities. By combining our strengths, we aim to create cutting-edge solutions and pave the way for the future of sustainable commercial transportation in India."
This contract was signed by both Mr. Agarwal and Mr. Briggs. The event was attended by Greg Gorman, Chief Growth Officer of Nidec Motion & Energy, Anthony Pickering, President of Nidec Motion, Glenn Fenn, President of Nidec Traction, Giris D. Kulkarni, MD of Nidec Motion & Energy India, Kanakasabapati Subramanian, SVP and Head of Product Development at Ashok Leyland, and D. Wesley David, General Manager of Strategic Procurement at Ashok Leyland.
