Nidec plans to plow $100m into Zhejiang production unit

Japanese electric motor manufacturer Nidec Corp said it plans to invest around $100 million in its second production facility in China's eastern Zhejiang province as part of its broader efforts to tap into "unprecedented" opportunities brought by the country's booming development in new energy vehicles and smartphones.

Teruyuki Kai, president of Nidec in China, said the plant, which came shortly after its $100 million investment in their first factory in Zhejiang last year, would allow Nidec to provide automotive parts including traction motors.

"The increased investment also showed our resilience in beefing up our presence in China, which is also our largest market globally," he said, adding the company has set a goal of gaining 800 billion yen ($7.2 billion) in revenue in the Chinese market by 2020.