Nidec of Japan joins the electric car party to boost profit in the future.
Nidec, the World’s No. 1 Comprehensive Motor Manufacturer based in Japan, started their operation in the year 1973 with just three workers. Their products include hard-disk drives, electric appliances, automobiles, and commercial and manufacturing equipment.
Shigenobu Nagamori, founder and CEO of Nidec, made Nidec the world’s largest manufacturer of motors for hard-disk drives and optical drives. Nidec managed to surpass Nissan and Panasonic in terms of market value with the help of Nagamori.
According to Koichiro Hagiwara, an analyst at Tokai Tokyo Securities, finding someone to take over Nagamori’s superior leadership is hard which leave Nagamori in a difficult position on deciding who will take his rein. Although Nagamori is already 74-year-old now, he has no plans to retire yet.
Analyst says Nagamori has an unusual ability to predict industry trend which led him to a successful businessman. Spotting companies to acquire was a hard skill to teach, he further added.
On February, Nagamori announces and credited Hiroyuki Yoshimoto who was a 50-year-old in the success of boosting the company’s profit. Yoshimoto is highly regarded and joined Nidec in 2015. He formerly worked at General Electric Co (GE.N) before joining Nidec.
Nidec has already over 100,000 employees. Nagamori wants the company to expand continuously. If possible, to past Toyota Motor Corp. Nidec shifting to making electric vehicles was their solution to outsource competitors.
The company expects that making such motors will inflate the company profit to an estimated 6 trillion yen ($54 billion) market in the year 2030.