Musashi, Delta Electronics and Toyota Tsusho Establish Joint Venture
#Musashi #DeltaElectronics #ToyotaTsusho #JointVenture #eAxle“In India, two-wheeled vehicles are an indispensable mode of transportation for the common people, and electrification is expected to progress rapidly towards 2030. Our company has the strength of being the world’s top share in transmissions for two-wheeled vehicles, and by leveraging synergies with Delta, a leading manufacturer of electronic devices, and Toyota Tsusho, which has a global logistics network, we will provide innovative electrification solutions to India and the world.” - Hiroshi Otsuka, CEO, Musashi Seimitsu Industry
October 2023 : Musashi Seimitsu Industry Co., Ltd. (hereinafter referred to as Musashi), Delta Electronics, Inc. (hereinafter referred to as Delta) and Toyota Tsusho Corporation (hereinafter referred to as Toyota Tsusho) have announced that they have agreed to establish a new joint venture company (hereinafter referred to as the Joint Venture Company) for the purpose of manufacturing and selling e-Axle for two-wheeled vehicles (hereinafter referred to as e-Axle). The Joint Venture Company will mass produce e-Axle in the Indian market and work to expand sales from a wide range of customers.
In the Indian market, the world’s largest two-wheeled vehicle market, the government has set a goal of converting all two-wheeled vehicles under 150cc to EV by 2025. Under these government initiatives, the conversion of two-wheeled vehicles to EV is accelerating ahead of that of four-wheeled vehicles, and the need for local production of two-wheeled EV is also increasing.
Responding to this background, the Joint Venture Company will manufacture and sell the e-Axle jointly developed by Musashi and Delta. Furthermore, it will expand the lineup of e-Axle to meet market needs, engage in further manufacturing and sales, and aim to become a manufacturer with the world's top market share.
By supplying e-Axle, it will contribute to spread two-wheeled EV in the Indian market and to the world, and also contribute to achieving the global consensus of carbon neutrality.
The e-Axle mainly consists of a gearbox and a motor. The Joint Venture Company will provide high added value including quality assurance by developing, manufacturing, and selling a high-performance e-Axle with the compact, lightweight, and quiet characteristics required for EVs as an integrated system. Furthermore, it will enable rapid and flexible research and development that anticipates changes in the market and technology, as well as efficient procurement and sales by leveraging the respective business bases of Musashi, Delta, and Toyota Tsusho.
In the Indian market, Musashi has invested in and collaborated with EV startup BNC (Headquarters: Coimbatore, Tamil Nadu, India; CEO: Anirudh Ravi Narayanan) to develop two-wheeled EVs equipped with e-Axle. It has agreed to start selling from February 2024. Going forward, we will aim to supply e-Axle to a wide range of customers, with the main target being the 125cc class, which is the volume zone for motorcycles in the Indian market.
Commenting on the JV, Hiroshi Otsuka, CEO of Musashi Seimitsu Industry, said, “In India, two-wheeled vehicles are an indispensable mode of transportation for the common people, and electrification is expected to progress rapidly towards 2030. Our company has the strength of being the world’s top share in transmissions for two-wheeled vehicles, and by leveraging synergies with Delta, a leading manufacturer of electronic devices, and Toyota Tsusho, which has a global logistics network, we will provide innovative electrification solutions to India and the world. Towards the realization of enriched Harmony between our lives and Earth, which is our Purpose, we will lead the proliferation of clean e-mobility through the supply of high-performance e-Axle.”
Overview of the Joint Venture Company
Name: Musashi Delta e-Axle India Private Limited
Location: Karnataka
On the premises of Musashi Auto Parts India Pvt. Ltd.
Title and Name of Representative: Kenji Setogawa, CEO
Investment Ratio: Musashi Seimitsu Industry Co., Ltd. 51 percent, Delta Electronics, Inc. 34 percent, Toyota Tsusho Corporation 15 percent
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