Chinese electric vehicle market to grow by 40% in 2018

Germany’s Infineon Technologies AG and China’s SAIC Motor Corp are to collaborate on making power modules for this booming electric vehicle market.

On Friday, German chipmaker Infineon Technologies AG and China’s SAIC Motor Corp, a carmaker, agreed to set up a joint venture, SAIC Infineon Automotive Power Modules, to make power modules for the Chinese electric vehicle market.

Headquartered in Shanghai, SAIC Infineon Automotive Power Modules will make power modules at Infineon’s plant in Wuxi, China.

Volume production is set to start in the second half of 2018.

The joint venture will see SAIC Motor holding 51% stake while the balance will be with Infineon.

“Our joint venture will make us faster to serve the electric vehicle customers in China,” said Jochen Hanebeck, a board member of Infineon, which supplies chips to control the batteries and motors in eight out of 10 of the world’s top selling electric vehicles.

As per an industry body from China, new energy vehicles (NEV) are slated to grow by 40% in 2018 and is set to touch the 1 million mark this year.

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