German engineering giant Siemens and French automotive supplier Valeo have teamed up to manufacture engines for electric and hybrid cars, the companies announced late on Monday. The venture will be headquartered in Erlangen, Germany and have facilities in China, France, Norway, Poland and Hungary, the financial website portfolio.hu reports
Subject to approval of the relevant authorities, the joint venture is expected to start operations in the last quarter of 2016, Siemens said in a statement quoted by portfolio.hu
The statement adds that the JV will have "a global focus and cost-efficient regional set-up, providing access to key markets for automotive electrification, such as Europe and China."
No financial details were disclosed.
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