Siemens of Germany and France, automobile spare parts supply valeo issued a joint statement, the two sides will be a joint statement, for the global market of electric vehicles and hybrid electric vehicle production of high voltage power system.

Siemens and valeo 18 agreements to form a joint venture, for global production and sale of electric cars and light vehicles use high voltage motor, extender and charger. Headquarters of the joint venture will be located in erlangen, Germany and in France, Norway, Poland, Hungary and China and other countries to create factory. The enterprise will be put into operation in late 2016.

According to the agreement signed by both sides, Siemens and valeo each hold a 50% stake in the joint venture, will use the equity method combined control and hold their own shares. And both sides plan to 2020 in electric auto parts market reached more than 20% of the compound annual growth rate.

Valeo group chief executive Jacques shen dubois (Jacques Aschenbroich) said: "Germany's Siemens is power electronics and motor products, with professional skills in the field of motor will assist valeo maintain its leading position in technology, comprehensive development from micro hybrid to pure motor technology product line."

Joint venture will be merged valeo high-voltage electrical appliances and electronic systems business unit and Siemens electric power systems business unit, the former will provide 200 employees, of whom 90 factories in France; The latter will provide 500 employees, of whom 500 factories in Germany, 130 factories in China.