Peugeot has agreed to set up a joint venture with Japan’s Nidec Corp. to develop and produce automotive electric traction motors. Peugeot and Nidec’s French subsidiary Nidec Leroy-Somer Holding plan to establish the joint venture in France in the first quarter of 2018, with both expected to hold a 50% stake in the new company, Market Watch reported. The joint-venture agreement includes investments of $262 million and both companies will cooperate on developing motors for electric vehicles, as well as hybrids. The motors are intended to be used by Peugeot but also will be sold to other auto makers.
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