EV Motor company Eurogroup to expand production in Mexico with $55 million investment

Eurogroup Laminations said on Friday that it would invest 50 million euros ($55 million) to expand its production capacity in Mexico. The expansion aims to complete growing market demand for electric vehicle (EV) motor components in the automotive industry.

Italy-based Eurogroup Laminations produces stators and rotors for electric motors and generators used in various technologies including EVs. The firm is known for its ability to optimize motor performance and minimize energy consumption to provide sustainability.

Currently, Eurogroup serves Volkswagen, Renault, Ford, GM, and other U.S. car companies making EVs.

Electric Vehicle (EV) Motor

With that being said, the EV motor firm is now focusing on production capacity expansion and has chosen the Mexican state of Queretaro. This is an addition to the production factory that the company already has in the country.

Citing the statement, CEO Marco Arduini said the new investment would help the company boost its production capacity for the rapidly growing North American EV market.

The motor company has ensured 3.5 billion euros in business from these U.S. firms through 2028. For the last year, the company recorded 6.4 billion euros worth of orders.

(Source – Reuters)