- Bloomberg
KPS Is Said to Lead Bidding for €3 Billion Siemens Motors Unit
(Bloomberg) -- KPS Capital Partners is emerging as the frontrunner to acquire Siemens AG’s Innomotics large motors business, people with knowledge of the matter said. Most Read from BloombergTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesFed to Signal Delay of Interest-Rate CutsThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire EconomyLilly Soars as Forecast Boost Shows Weight-Loss Drugs’ PowerThe priv
- Reuters
Nidec posts unexpected quarterly loss, hit by restructuring costs amid China EV war
TOKYO (Reuters) -Japanese electric motor maker Nidec on Tuesday posted an unexpected operating loss for the January to March quarter, hit by the costs of restructuring steps taken to deal with fierce price competition in China's electric vehicle market. The company's fourth-quarter operating loss was 6.17 billion yen ($40 million), undershooting an average estimate for a 21.48 billion yen profit in a survey of eight analysts by LSEG. Nidec has sought to tap a growing share of the battery-powered vehicle market globally through developing and making an e-axle traction motor that combines an EV's gear, motor and power-control electronics.
- Reuters
Nidec cuts profit forecast as Chinese EV competition ramps up
TOKYO (Reuters) -Japanese electric motor maker Nidec Corp slashed its full-year operating profit forecast by nearly a fifth on Wednesday, warning of uncertainty in demand and intensifying price competition in China's electric vehicle market. The sobering outlook for the company's signature e-axle traction motor business highlights the challenges parts makers face in the world's biggest auto market, as a price war and fewer subsidies for EV buyers has raised pressures to cut costs. The Kyoto-based manufacturer cut its operating profit forecast for the financial year to March 31 by 18% to 180 billion yen ($1.22 billion), versus an average forecast of 219.7 billion yen from 18 analysts surveyed by LSEG.
