Mitsui, TECO tie up to make EV motors in India

MUMBAI : Mitsui & Company and its joint venture partner from Taiwan, TECO Electric & Machinery Co. Ltd. plan to manufacture motors for electric vehicles (EVs) from next year.

In a formal note today, Mitsui announced that the two companies, through their JV, which is christened as TEMICO India, plan to build a USD 14 million production facility in Bangalore. With an annual capacity to produce 110,000 electric motors, the said unit is expected to commence manufacturing operations by end of next year.

TEMICO India was set up by Mitsui and TECO in April last year wherein the former holds 40% and the remaining 60% stake is with the latter. The official note said that the said investment is being made by the JV to pursue development, manufacturing and sales of EV motors and powertrains for global markets.