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Agreements for a new energy vehicle drive motor flagship factory project of Nidec Corporation was signed in Pinghu, Jiaxing, East China's Zhejiang province, on June 28, according to local media reports.

A rendering of the new energy vehicle drive motor flagship factory project of Nidec Corporation in the Pinghu Economic and Development Zone. [Photo/zjol.com.cn]

With a total investment of $300 million, the construction includes a drive motor production factory for new energy vehicles, which will produce motors, inverters, high precision gears and semiconductor power modules.

The project is scheduled to be put into production in October 2023. Its annual production capacity is expected to be about 1 million units, with an annual output value of 8 billion yuan ($1.19 billion).

In addition, the Pinghu Economic and Development Zone will realize the localized production of key components for new energy vehicle drive motors, significantly raising the development level of the industrial chain.