Key Developments

In December 2022, Indian automotive component manufacturer, Shriram Pistons Ltd. revealed that its subsidiary, SPR Engineous, has acquired a majority stake in EMF Innovations, a Singapore-based company specializing in designing and manufacturing electric motors for various types of electric vehicles. This acquisition marks Shriram Pistons Ltd.'s entry into the electric vehicle market, allowing them to serve all segments of the EV market.
In November 2022, Nidec Corporation is a global company that specializes in manufacturing electric motors and related components. revealed plans to invest US$715 million in Mexico to build a facility for manufacturing electric motors and e-axle drives for electric vehicles. The plant is expected to start operating either in April 2023 or March 2024 and aims to produce 1 million units annually.
In October 2022, Bosch Mobility Solutions in the automotive industry, specializing in providing cutting-edge technologies and solutions for vehicles announced a US$260 million investment to expand the production of electric vehicle motors for the Rivian R1T pickup truck at its Charleston plant in South Carolina, U.S.
In October 2022, Brose Fahrzeugteile GmbH & Co. KG is a company specializing in automotive components and systems. initiated the construction of a second building at its Bamberg site, adding 13,000 square meters of space and doubling the number of workspaces from 600 to 1200. The company is investing US$62.4 million (EUR 60 million) in expanding its premises.

Electric Motors For Electric Vehicle Market Report Snapshots