Valeo Siemens eAutomotive GmbH

Renault Group, Valeo and Valeo Siemens eAutomotive signed a memorandum of understanding to form a strategic partnership to design, co-develop and manufacture a new-generation automotive electric motor without rare earths. Production will start in 2027 at Renault Group's Cléon plant in France.

Siemens AG signed an agreement to sell its 50 percent stake in the Valeo Siemens e-Automotive joint venture to Valeo. The profit impact is around 300 million Euros, and closing is expected in July 2022, subject to regulatory approvals.

Chervon Auto Precision Technology will supply electromotor shells to Valeo Siemens eAutomotive for installation in Daimler electric vehicles. The agreement is worth approximately CNY550 million (USD86 million) and lasts for three years.

Fawer Automotive Parts and Valeo Siemens eAutomotive signed a memorandum of understanding to form a joint venture in Jiangsu province to produce powertrain inverters for new-energy vehicles, with Fawer taking a 49.5% stake.

Valeo and Siemens closed their joint venture, Valeo Siemens eAutomotive GmbH, to supply high-voltage powertrain components for electric vehicles. Each holds a 50% stake.