The German engineers from Siemens and the French car supplier Valeo are coming together for the eco-friendly trend more carmakers are pursuing and will produce engines for hybrid and EVs according to a joint statement from the two companies.
The headquarters of the new venture will be located in Erlangen, Germany, and its facilities would be established in China, France, Hungary, Norway and Poland and will start become functional at the end of 2016, with no financial information on the topic having been revealed up to now.
Siemens and Valeo are planning to develop and sell high-voltage electric motors, range extenders and chargers that would be used in electrified car models and light commercial units.
Jacques Aschenbroich, CEO of Valeo, stated that “With the expertise offered by Siemens, a leader in power electronics and electric motor products, Valeo would maintain its technological lead by offering a comprehensive line-up of technologies ranging from micro-hybrid to all-electric solutions.”
Klaus Helmrich, managing board member for Siemens added that “The Valeo Siemens joint venture is yet another example of forming a true Europe-based company.”
This new partnership will be a combination of Valeo’s high-voltage power electronics business that currently has 200 employees with the E-Car Powertrain Systems Business Unit at Siemens where there are currently 500 people working. The project is at the moment subject for debate with employee representatives and is waiting to receive the approval of anti-trust authorities.
The electric vehicle trend has been gaining more and more popularity lately as the well-known Tesla met a new competitor under the name of Faraday Future Inc., a secretive startup which has recently hinted at launching and EV line in 2018, with a concept model having been presented at the beginning of this year.