Mitsubishi Electric and Aisin to set up JV for EV components

Mitsubishi Electric Corporation, Mitsubishi Electric Mobility Corporation and Aisin Corporation have announced that they have reached a basic agreement to establish a joint venture company to handle products for next-generation electric vehicles.

The JV will develop, produce and sell traction motors, power converters (inverters, etc.) and their control software, which will be optimized for vehicles and relevant systems and used in next-generation EVs, including battery EVs (BEVs) and plug-in hybrid vehicles (PHEVs). Both Mitsubishi and Aisin will leverage their respective strengths and respond to the diversifying needs for vehicle electrification. 

The Mitsubishi Electric Group has strengths in power electronics technologies such as power devices and inverters, motor technologies and control optimization technologies. Mitsubishi Electric Mobility, which is engaged in the automotive equipment business, possesses expertise in vehicle electrification for hybrid vehicles (PHEVs, HEVs) and is addressing needs in the vehicle electrification market growing rapidly due to acceleration of carbon neutrality initiatives, creating synergies with new partners and expanding its product lineup for diversifying EV systems.

Aisin offers a full lineup of electric units that drive all types of EVs, including BEVs, PHEVs, and HEVs, and provides them to customers around the world through BluE Nexus, the Aisin-Denso JV whuch specializes in the development, adaptation, and sales of electrification systems and electric drive modules. 

The JV will initially be spun off from Mitsubishi Electric Mobility as a new company responsible for its electrification business by way of a company split, and eventually have the Mitsubishi Electric Group as the majority shareholder (66%) and Aisin as the minority shareholder (34%).