EV

EV motor maker Nidec slashes profit amid Chinese competition

Published

4 months ago

January 24, 2024

Japanese electric vehicle (EV) motor company Nidec cut its entire year operating profit forecast by nearly a fifth on Wednesday. This new step raises a warning of uncertainty in demand and intensifying price competition in the Chinese EV market.

Nidec’s prime product e-axle traction motor business is facing tough challenges in the EV industry including the price war from competitors.

Nidec Motor

The firm has cut its operating profit forecast for the financial year to March 31 by 18% to 180 billion yen ($1.22 billion) compared to the average forecast of 219.7 billion yen from 18 analysts surveyed by LSEG.

It is said that the company was heavily dependent on Chinese partners to sell its flagship EV motor product.

(via – CNBC)

Related Topics:Electric Vehicle EV Nidec

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Timothy started learning about game development and electronics at the age of 17. After involvement in different projects, he switched to Android app development and began pursuing smart hardware mechanics. Later on, he became fond of writing and tech journalism. Timothy covers major topics about internet personality, business, EV, Space, Social Media, and more. He loves to watch survival videos and try to find out new facts about the ocean and animals.

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EV motor maker Nidec slashes profit amid Chinese competition