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Exclusive: Japan’s Nidec bets on electric cars and acquisitions to treble sales: sources – Source Reuters Tech News

TOKYO (Reuters) – Japan’s Nidec Corp (6594.T) plans to more than treble its revenue over the next five years by focusing on electric vehicle powertrains and buying specialists in motor technologies, two people familiar with the matter told Reuters.

Nidec Corp’s logo is pictured at an earnings results news conference in Tokyo, Japan, July 25, 2018. REUTERS/Kim Kyung-Hoon

The world’s leading maker of precision motors which supplies parts for Apple’s APPL.O iPhones is expected to detail its plans as soon as Tuesday when it will name former Nissan Motor (7201.T) executive Jun Seki as president, the sources said.

The new strategy shows how the Kyoto-based company wants to play a bigger role in the auto industry as electric vehicle (EV) production takes off, after slowdowns in demand for motors in markets such as cellphones have weighed on its sales.

“The EV motor system is key to our growth strategy,” said one of the sources, a Nidec insider, referring to integrated EV…

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