As announced on Dec. 4, 2017, Nidec Corp. and Groupe PSA have completed the establishment of the joint venture that develops, manufactures and sells automotive electric traction motors.

The new joint venture is named Nidec PSA emotors, and was established on May 16. The JV will have approximately 40 employees, with an additional 30 engineers hired before the end of summer 2018, and more potentially added with business expansion.

The transaction is expected to have no significant impact on Nidec’s consolidated financial performance for the fiscal year ending March 31, 2019. Nidec will make additional disclosure on a timely basis in accordance with the rules of the Tokyo Stock Exchange upon determination of further details.