Siemens and Valeo launch joint EV venture

Siemens and Valeo have signed an agreement to form a joint venture in high voltage electric vehicle (EV) powertrains.

The companies claim they will create innovative and affordable high voltage components for a range of EVs, including hybrids, plug-in hybrids and fully electric cars.

Siemens estimated that the EV components market is expected to grow at a rate of more than 20 per cent until 2020.

The joint venture will orchestrate the sales and production of high-voltage electric motors and power electronics products above 60V, required for electrified passenger cars and light commercial vehicles.

The projects will provide an extended range of products from hybrid drive-train modules and solutions ranging from DC/DC converters, inverters and chargers to a fully electrified powertrain.

Jacques Aschenbroich, chairman and chief executive officer of Valeo, said: "We are delighted at the prospect of combining our strengths with Siemens in electrified powertrain systems. With the expertise offered by Siemens, Valeo would maintain its technological lead by offering a comprehensive line-up of technologies ranging from micro-hybrid to all-electric solutions. This joint venture also illustrates the ability of European companies to develop leading industrial partnerships to bring breakthrough technologies to the global market."

Klaus Helmrich, member of the Managing Board of Siemens AG, said: "The Valeo Siemens joint venture is yet another example of forming a true Europe based company. Combining Siemens' extensive experience in electric motors and inverters with Valeo's automotive business expertise and worldwide customer base would provide both companies with a solid basis in the growing electro mobility market."

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