Joint venture between Valeo and Siemens starts
"I am truly delighted about the creation of this joint venture, which will enable us to provide solutions for all vehicle manufacturers, whatever their powertrain electrification needs" said Jacques Aschenbroich, chairman and CEO of Valeo.
Klaus Helmrich, member of the managing board of Siemens, said: "Only seven months after signing of the agreement, we are happy to announce the closing of our transaction and start of operations of our joint venture with Valeo. The new company will be a true global leader in the growing electro mobility market."
In April 2016, Valeo and Siemens signed an agreement to form a joint venture in high voltage powertrains for on road vehicles. According to the agreement, Siemens and Valeo will each hold a 50% stake in the joint venture and have joint control.
With this move Valeo and Siemens create a global leader for the supply of innovative and affordable high-voltage components and systems for the entire range of on road electric vehicles including hybrids, plug-in hybrids and full electric vehicles.
The portfolio comprises e-motors, range extenders, onboard chargers, inverters and DC/DC converters.
Valeo will contribute to the joint venture its high voltage power electronics, range extenders and charging solutions and Siemens its eCar Powertrain Systems business unit including e-motors and power electronics.
Building upon their complementary scope and portfolio, the joint venture will benefit from substantial synergies in manufacturing and sourcing and create a base for sustained growth and profitability.
The electric vehicle components market is expected to grow with a compound annual growth rate of more than 20% until 2020. ■