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Siemens and Valeo join forces for global leadership in powertrains for electric cars
Form a 50:50 joint venture in high-voltage powertrains for electric cars
Strong partners with complementary scope and portfolio
New joint venture becomes strong player in the fast growing market of automotive electrification
Focus to provide innovative and affordable high-voltage components and systems for electric cars in global mass markets
Siemens and Valeo have signed an agreement to form a joint venture in high voltage powertrains. With this move the companies create a global leader of innovative and affordable high-voltage components and systems for the entire range of electric vehicles including hybrids, plug-in hybrids and full electric vehicles. Building upon their complementary scope and portfolio, the joint venture will provide substantial synergies in manufacturing and sourcing and create a base for sustained growth and profitability. The electric vehicle components market is expected to grow with a compound annual growth rate of more than 20% until 2020. According to the agreement, Siemens and Valeo will each hold a 50% stake in the joint venture, have joint control and account for their respective stake using the equity method.
Form a 50:50 joint venture in high-voltage powertrains for electric cars
Strong partners with complementary scope and portfolio
New joint venture becomes strong player in the fast growing market of automotive electrification
Focus to provide innovative and affordable high-voltage components and systems for electric cars in global mass markets
Siemens and Valeo have signed an agreement to form a joint venture in high voltage powertrains. With this move the companies create a global leader of innovative and affordable high-voltage components and systems for the entire range of electric vehicles including hybrids, plug-in hybrids and full electric vehicles. Building upon their complementary scope and portfolio, the joint venture will provide substantial synergies in manufacturing and sourcing and create a base for sustained growth and profitability. The electric vehicle components market is expected to grow with a compound annual growth rate of more than 20% until 2020. According to the agreement, Siemens and Valeo will each hold a 50% stake in the joint venture, have joint control and account for their respective stake using the equity method.
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is No. 1 in offshore wind turbine construction, a leading supplier of gas and steam turbines for power generation, a major provider of power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2015, which ended on September 30, 2015, Siemens generated revenue of €75.6 billion and net income of €7.4 billion. At the end of September 2015, the company had around 348,000 employees worldwide. Further information is available on the Internet at www.siemens.com.