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Can’t say Nidec (NJDCY) isn’t ambitious when it comes to expanding its share of the market for motors for electric vehicles in Europe, which has become along with China one of the world’s top markets for electric vehicles.

The Japanese company, based in Kyoto, will build a $1.9 billion plant in Siberia to manufacture motors for electric vehicles for the European market, according to Nikkei Asia. When built, the plant will produce 200,000 to 300,000 motors (by 2023). Nidec also plans to produce motors for electric vehicles for the European market in France and Poland.

Sales of electric vehicles and plug-in hybrids grew by 62% year over year in 2019 and are set to rise three-fold in 2020 from 2019.

Nidec’s New York traded ADRs are up 49.5% in 2020 to date as of the close on November 2.

The ADRs formed a based near $20 from August 20 to September 8 and then resumed their upward trajectory with a 28.01% gain in the last three months.

Nidec is a member of my long-term 50 Stocks portfolio. The ADRs are up 101.7% since I added them to that portfolio on July 11, 2017.