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TOKYO: Japanese electric motor maker Nidec plans to invest about $715 million to build a plant in Mexico to make electric vehicle motors, the company’s chief executive said. said in an interview with the Nihon Keizai Shimbun published on Friday.

Construction is expected to begin during or after the next fiscal year, which begins in April, the newspaper said.

CEO Shigenobu Nagamori said the investment is focused on manufacturing and selling products in one region.

Nidec manufactures a traction motor for electric vehicles called “e-axle,” which integrates a motor equivalent to a gasoline engine, a reduction gear, and an inverter.

The Kyoto-based company already produces e-axles in China and Europe.

Nidec had previously expected to produce 1.2 million e-axles in fiscal 2023, more than double its plan for this year, mainly in response to a surge in demand in China.

By March 2026, we plan to increase our global e-axle production capacity to 7 million units per year. Japanese electric motor maker Nidec to build $715 million plant in Mexico

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