Siemens to exit electric motor JV with Valeo
In future Valeo will be solely responsible for the Valeo Siemens eAutomotive joint venture that they had founded together with Siemens back in 2016. Valeo’s main man in Germany, Derrick Zechmair, confirmed an end to the JV, saying they had planned the exit along.
Already when Siemens formed the 50:50 joint venture with Valeo in December 2016, it was believed that they had insisted on an exit clause (we reported).
Now that option is indeed coming into effect albeit by 2021 as was agreed before. Valeo will thus use their option on all Siemens shares and will continue to manage the business alone. In an interview with Automobilwoche, Zechmair confirmed that this had been the plan all along.
The Valeo Siemens eAutomotive business focusses on high-voltage powertrains for all forms of electric cars, including hybrids.
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