Billionaire Motor Maker Aims To Become Key Supplier Of Electric Vehicles
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Shigenobu Nagamori, founder and CEO of Nidec, saw his wealth jump by $5.3 billion to $9 billion.
Akio Kon/Bloomberg
As more people worked from home during the pandemic, manufacturer Nidec’s sales of motors for computers, hard disk drives and home appliances hummed along steadily in the past year.
Thanks to cost-cutting measures and higher shipments of lucrative miniature precision motors, which enjoy a 15.1% operating margin, the Kyoto-based company is expected to post a record net profit of $1.3 billion, on revenue of $14.7 billion, in the full fiscal year through March 2021. That performance and an aggressive push in components for electric vehicles (EV) have led Nidec shares to jump 150% in the past year, driving up the net worth of founder and CEO Shigenobu Nagamori, 76, by $5.3 billion to $9 billion.
Nidec challenges Bosch, Continental, Siemens for e-motor lead in Europe
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By Reuters Staff
2 Min Read
TOKYO, April 9 (Reuters) - Japan’s Nidec Corp on Friday said it will spend 200 billion yen ($1.83 billion) over a decade to establish a European production hub in Serbia to manufacture motors for electric vehicles (EV) and household appliances.
Nidec, which is known for making precision motors used in computer hard drives and smartphones, will build the manufacturing centre in Novi Sad, northern Serbia, with completion of the first two factories employing 1,200 people expected in 2022, Jun Seki, Nidec’s chief operating officer told at a news conference.
“Eventually we will need 10,000 workers,” Seki said. The site will bring together manufacturing capacity currently spread across Europe, he added.
Japan s Nidec announces $1.8 billion Serbia electric motor hub plan
Japan s Nidec Corp on Friday said it will spend 200 billion yen ($1.83 billion) over a decade to establish a European production hub in Serbia to manufacture motors for electric vehicles (EV) and household appliances.Reuters | Updated: Apr 9, 2021, 07:59PM IST
Japan s Nidec Corp on Friday said it will spend 200 billion yen ($1.83 billion) over a decade to establish a European production hub in Serbia to manufacture motors for electric vehicles (EV) and household appliances. Nidec, which is known for making precision motors used in computer hard drives and smartphones, will build the manufacturing centre in Novi Sad, northern Serbia, with completion of the first two factories employing 1,200 people expected in 2022, Jun Seki, Nidec s chief operating officer told at a news conference.
Nidec plans $1.8B European electric motor hub
Production center in Serbia will bring together manufacturing spread across the region
Reuters
REUTERS
TOKYO Nidec will spend 200 billion yen ($1.83 billion) over a decade to establish a European production hub in Serbia to manufacture motors for electric vehicles and household appliances.
Nidec, which is known for making precision motors used in computer hard drives and smartphones, will build the manufacturing center in Novi Sad, northern Serbia.
The completion of the first two factories employing 1,200 people is expected in 2022, Nidec s chief operating officer, Jun Seki, told a news conference on Friday. Eventually we will need 10,000 workers, Seki said.
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