Nidec to Invest $55 Million in Hubli for New EV Factory
- krishna shinde
- 28 Jun 2024 , 3:12 PM
- Dharwad
- 6747
Hubli:In a big boost for Karnataka, Japanese company Nidec is investing $55 million to set up a new factory in Hubli by 2025. This exciting news came after a successful meeting with Nidec's senior executives.
The new facility will include six factories dedicated to making electric vehicles (EVs),covering two-, three-, and four-wheelers. This is expected to create a lot of new jobs in the state, benefiting the local community and economy.
Why Nidec Chose Karnataka Nidec chose Karnataka because of its strong potential for growth in the company’s key areas, such as motors, power backup generators, gearboxes, machinery, and research and development.
Karnataka’s supportive business environment and opportunities made it an ideal location for this investment. Support from the Karnataka Government The Karnataka government has shown full support for Nidec’s plans.
Officials have promised to help the company through every step of building and operating the new factory.